EFG-Hermes Rebuts Plans to Sell Stake in Credit Libanais

Yasser El-Mallawany, Board Member of EFG-Hermes (HRHO.CA), stated that the company is not planning to sell its stake in Lebanon’s Credit Lebanese Bank.

He added that, EFG-Hermes has no intention to give up its stake in Beirut-based Credit Libanais SAL.

It is worth noting that, Hermes owns 65 % stake in the bank since 2010.

Mallawany pointed out that, our stake in Credit Lebanese is strategic which contribute to prominent part of group’s revenues, Anadolu Agency reported.

In 2010, EFG-Hermes Holding SAE – the biggest publicly traded Arab investment bank – agreed to acquire a 65 percent stake in Credit Libanais SAL for $542 million to expand in consumer and commercial banking.

As pursuant to the agreement, 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 acquisition values Credit Libanais at $834 million.

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