EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank, agreed to acquire a 65 percent stake in Beirut-based Credit Libanais SAL for $542 million to expand in consumer and commercial banking.
EFG-Hermes obtained an option to buy an additional 25 percent stake over the next two years on the same terms it will buy the 65 percent stake, the Cairo-based investment bank said in a Regulatory News Service statement. The acquisition values Credit Libanais at $834 million, the company said.
The agreement “shows that the Lebanese banking sector remains an attractive destination for Arab and foreign institutional investors,” said Nassib Ghobril, head of research at Byblos Bank SAL in Beirut. “EFG Hermes did not intend to exit the Lebanese market when it sold its stake in Bank Audi, it was simply looking for a bank where it can acquire a majority stake.”
No comments:
Post a Comment