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- EFG Hermes agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake and the current owner, Egypt's state-owned National Investment Bank (NIB), retaining 24%.
EFG Hermes, Egypt's biggest investment bank, has completed its takeover of state-owned Arab Investment Bank, transforming itself into an Egyptian universal bank, it said on Thursday.
EFG Hermes agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake and the current owner, Egypt's state-owned National Investment Bank (NIB), retaining 24%.
It is Egypt's first bank privatisation in more than a decade.