Dubai Group sells stake in Egyptian investment bank EFG-Hermes | The National:
"The Dubai Financial Group, a unit of Dubai Group, has sold its 11.8 per cent stake in Egyptian investment bank EFG Hermes to European bank Natixis as part of debt restructuring, the group said.
"The sale of our stake in EFG Hermes is consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement," said Fadel Al Ali, the chairman of Dubai Group.
The Dubai Financial Group did not disclose the value of its stake in the Cairo-listed bank. EFG Hermes has a market capitalisation of about 8 billion Egyptian pounds (Dh3.3bn).
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