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