Italy’s Azimut to complete Rasmala Egypt acquisition mid August

Italy-based asset manager Azimut Group’s is expected to complete acquisition of 100 percent of Rasmala Egypt Asset Management (REAM) from its parent company Rasmala Group by the middle of the current month, REAM chairman and MD Ahmed Abou El-Saad said.

He further told Amwal Al Ghad that last month, the Financial Regulatory Authority (FRA) given the green light to Italy-based asset manager Azimut Group’s to acquire Rasmalla Egypt.

REAM, one of Egypt’s largest independent asset managers, will be renamed Azimut Egypt Asset Management.

Azimut said earlier this year it sees potential in Egypt’s youthful population and the fact that the country has “one of the highest GDP-PPP adjusted per capita in the EM complex excluding energy/commodity exporters countries.