Value of Arab Investment Bank acquisition deal not determined yet: EFG Hermes

Investment bank, EFG Hermes said on Monday that the value of the acquisition deal of the Arab Investment Bank (aiBANK) by EFG and the Sovereign Fund of Egypt (TSFE) has not been determined yet.

EFG and TSFE are seeking to capture 76 percent of the aiBANK.

In June 2020, the Central Bank of Egypt (CBE) gave its approval to EFG and TSFE to conduct due diligence process on the aiBANK.

If the deal is completed, EFG will own 51 percent of the bank, while the Sovereign Fund of Egypt will own not less than 25 percent. The National Investment Bank and the Federation of Arab States will keep the remaining stake.