NI Capital Holding, a wholly-owned subsidiary of the National Investment Bank (NIB), signed an agreement with Lebanon’s Bank Audi for the acquisition of the online brokerage firm Arabeya Online after concluding the due diligence process.
Completing the deal is contingent on prior conditions, including obtaining the required regulatory approvals, the NIB’s Chairman and Minister of Planning and Economic Development, Hala El-Saeed.
The acquisition will allow the bank to expand its non-banking financial services offering, including brokerage services for individuals and institutions, El Said said. “The transaction is a new step supporting NI Capital’s role in developing money markets in Egypt by offering comprehensive services to our clients,” said the minister.
Arabeya Online was the first brokerage firm to receive an online trading license in Egypt in 2006 and is 100% owned by Bank Audi.