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Egypt's Hermes sells Bank Audi stake

  1. Posted on Tuesday 19 January 2010 - 23:51
    Addou
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    Investment bank EFG Hermes, the biggest publicly traded Arab investment bank, said Monday it sold its entire stake in Lebanon's Bank Audi in a deal valued at $913.4 million.

    Shares in the Cairo-based firm, rose more than 5 percent after Thursday's announcement, talk of which traders said had pushed the stock higher in recent days.

    The Egyptian group said, in a statement submitted by EFG Hermes to the Egyptian Stock Exchange, that it has sold its 7.5 million common shares and 2.5 million global depository receipts in the bank, to a group of investors. However the statement, didn’t say who bought EFG- Hermes’s stake.

    EFG Hermes had announced on Jan. 14 it was in discussions to sell its entire stake in the Lebanese bank. According to Bank Audi’s Web site, EFG Hermes held roughly 22% of the shares as of last April.

    The Egyptian bank held around 28 per cent stake in Lebanon's Bank Audi through 7.55 million common shares and 2.48 million global depository receipts as at November 2009.

    Beirut-based Bank Audi is the largest bank in Lebanon by assets and operates primarily in the Middle East and North Africa Region. The firm provides full range of banking services, and also insurance products through its subsidiary, LIA Insurance. The bank had consolidated assets of $24.7 billion by the end of last September.

    Founded in 1984, EFG Hermes is the premier investment bank in the Middle East and is recognized as the regions market leader in securities brokerage, asset management, investment banking, private equity, and research. The firm has a proud history of innovation, market leadership and dedicated client service.

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