EFG Hermes Finance plans to complete Tokio Marine Egypt takeover in Q2

EFG Hermes Finance, part of Egyptian investment bank EFG Hermes, plans to complete its anticipated takeover of Tokio Marine Egypt Family Takaful within the second quarter of the year, its chief executive said on Monday.

EFG Hermes Finance seeks to buy 75 percent share of Tokio Marine Egypt Family Takaful for 84.75 million Egyptian pounds ($5.2 million).

Speaking at a press conference, Walid Hassouna said the acquisition is part of EFG Hermes’ plans to offer various financial services.