{"id":574628,"date":"2020-09-16T03:55:43","date_gmt":"2020-09-16T03:55:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/"},"modified":"2020-09-16T03:55:43","modified_gmt":"2020-09-16T03:55:43","slug":"efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/","title":{"rendered":"EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year"},"content":{"rendered":"

<\/a> M&A WATCH- EFG Hermes, SFE to finalize AIB acquisition this year<\/strong>:<\/strong> EFG Hermes and the Sovereign Fund of Egypt (SFE) expect to close their acquisition of a 76% stake in state-affiliated Arab Investment Bank<\/a> (AIB) before the end of 2020 through a capital increase to EGP 5 bn, SFE CEO Ayman Soliman told Al Mal<\/a>. The SFE will acquire its stake through its newly-established, EGP 30 bn financial services sub-fund<\/a>, Soliman said. AIB\u2019s paid-in capital last stood at EGP 1.84 bn in May<\/a>. Issuing new shares would help the bank meet the new capital requirements<\/a> mandated by the newly-passed Banking and Central Bank Act<\/a>, Soliman said. AIB is both a commercial and investment bank and offers traditional and sharia-compliant services.<\/p>\n

Background: <\/strong>The acquisition will see EFG take a 51% stake and the SFE up to 25%, the two investors said in June<\/a>. EFG and the SFE could also acquire shares from state-owned National Investment Bank (NIB), which presently holds 91.4% of AIB, with the remaining 8.6% held directly by the Federation of Arab Republics. NIB had announced a plan earlier this year to take several other of its portfolio companies to market with the help of the SFE.<\/p>\n

SFE wants healthcare providers to start looking beyond Cairo: <\/strong>The SFE is involved in separate talks with leading healthcare players to partner on adding hospital beds outside Cairo, Soliman said<\/a>. This would improve access to surgery for residents of other cities and promote competition on pricing, he said. The SFE will nudge things in that direction by offering land to some projects through its healthcare sub-fund. The fund recently set up<\/a> a JV in partnership Concord International Investments<\/a>, the SEC-regulated firm set up by Mohamed Younes and Prince Abbas Hilmi.<\/p>\n

Plenty of room for private sector in the SFE\u2019s health fund: <\/strong>The SFE will soon be on the lookout for more limited partners to sign up as financial or strategic investors in the healthcare sub-fund, Soliman said yesterday, adding that the sovereign fund will only contribute a small part of the capital. <\/strong>This gives the private sector plenty of room to participate, and is in line with the SFE\u2019s mandate to encourage private participation in development projects. Once it formally launches, the sub-fund will primarily target supporting and expanding both public and private healthcare infrastructure projects. The SFE announced earlier this month<\/a> that it plans to formally launch two more sub-funds besides the healthcare and fintech vehicles: one covering tourism and real estate and another infrastructure.<\/p>\n

Plan to increase agricultural efficiency: <\/strong>The SFE\u2019s financial services sub-fund is also currently studying another plan that will see it partner with the Agricultural Bank of Egypt (ABE) to offer fintech solutions to farmers. The sub-fund will be working with the ABE to encourage unbanked farmers to use a fintech platform that will most likely be built through mobile apps, Soliman said<\/a>. The aim is to give the farmers access to financial services, and encourage them to purchase modern irrigation equipment, he said without giving further details.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- EFG Hermes, SFE to finalize AIB acquisition this year: EFG Hermes and the Sovereign Fund of Egypt (SFE) expect to close their acquisition of a 76% stake in state-affiliated Arab Investment Bank (AIB) before the end of 2020 through a capital increase to EGP 5 bn, SFE CEO Ayman Soliman told Al Mal. […]<\/p>\n","protected":false},"author":1,"featured_media":574629,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[97,3148,84,72,503,183,7115,125,7128,758,370,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-agriculture","tag-arab-investment-bank","tag-efg-hermes","tag-enterpriseam","tag-financial-services","tag-fintech","tag-healthcare","tag-investment-watch","tag-ma-watch","tag-private-equity","tag-sovereign-fund-of-egypt","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"07f8ac49-9909-483d-bcd8-63849651e7b9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/183.jpg","photo_position":"above","related_issue":[574623],"teaser":"","voice_url":""},"yoast_head":"\nEFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- EFG Hermes, SFE to finalize AIB acquisition this year: EFG Hermes and the Sovereign Fund of Egypt (SFE) expect to close their acquisition of a 76% stake in state-affiliated Arab Investment Bank (AIB) before the end of 2020 through a capital increase to EGP 5 bn, SFE CEO Ayman Soliman told Al Mal. 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SFE CEO Ayman\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565536,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/","url_meta":{"origin":574628,"position":1},"title":"EFG board greenlights Arab Investment Bank acquisition","author":"enterpriseam admin","date":"14 April 2021","format":false,"excerpt":"EFG Hermes and the Sovereign Fund of Egypt are getting closer to acquiring a combined 76% stake in the Arab Investment Bank after EFG Hermes\u2019 board of directors approved the acquisition and a fair value assessment at a meeting yesterday, it said in an EGX disclosure (pdf). SFE CEO Ayman\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/420.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/","url_meta":{"origin":574628,"position":2},"title":"CBE OKs acquisition of 76% of AIB by EFG and SFE","author":"enterpriseam admin","date":"31 August 2021","format":false,"excerpt":"CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank, EFG said in a regulatory filing (pdf) yesterday. The two institutions will\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556049,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/","url_meta":{"origin":574628,"position":3},"title":"EFG Hermes, SFE get cabinet signoff on Arab Investment Bank acquisition","author":"enterpriseam admin","date":"10 October 2021","format":false,"excerpt":"M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt have received cabinet approval for their acquisition of a 76% stake in the Arab Investment Bank (AIB), according to a decision published in the Official Gazette and picked up by the domestic press. The two institutions acquired the shares via\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/103.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/","url_meta":{"origin":574628,"position":4},"title":"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EFG + SFE\u2019s acquisition of AIB gets Cabinet nod: EFG Hermes and the Sovereign Fund of Egypt\u2019s (SFE) acquisition of a combined 76% stake in the Arab Investment Bank (AIB) earned Cabinet approval yesterday, according to a Cabinet statement, bringing us one step closer to Egypt\u2019s first bank privatization in\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572460,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/25\/efg-egypts-sovereign-fund-look-to-take-76-stake-in-arab-investment-bank\/","url_meta":{"origin":574628,"position":5},"title":"EFG, Egypt\u2019s sovereign fund look to take 76% stake in Arab Investment Bank","author":"enterpriseam admin","date":"25 June 2020","format":false,"excerpt":"M&A WATCH- EFG, sovereign fund look to take 76% stake in Arab Investment Bank: EFG Hermes and the Sovereign Fund of Egypt (SFE) have obtained regulatory approval from the Central Bank of Egypt to conduct due diligence ahead of a potential acquisition of state-affiliated Arab Investment Bank (AIB), the two\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574628"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574628\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574629"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574628"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574628"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}