Egypt’s EFG Hermes appoints Goldman Sachs as financial advisor on FAB’s offer to acquire majority stakes

Cairo-based investment bank EFG Hermes has appointed Goldman Sachs to advise on First Abu Dhabi Bank’s (FAB) offer to acquire a majority stake, the bank has said in a statement.
The board of Egypt’s largest investment bank also said it has allowed FAB to conduct due diligence for the non-binding transaction.
FAB, the United Arab Emirates’ biggest lender, this month, made an offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued Egypt’s leading investment bank at nearly $1.2 billion.
Listed on Egypt stock market (EGX), EFG Hermes is present in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.

Written by