Completed the acquisition of Arab Investment Bank
Hermes Holding turns into a comprehensive bank in Egypt
Karim Awad: "Building a strong institutional structure for the group, which helps us to face the cyclical fluctuations of the capital markets."
The Financial Group "Hermes Holding" announced to shareholders that it has succeeded in transforming into a comprehensive bank in the Egyptian market, pointing out that the completion of the acquisition of 51% of the Arab Investment Bank is one of the strategic axes towards entering the promising banking services sector in the Egyptian market.
Under the deal, Hermes Holding will lead the Arab Investment Bank (aiBANK), with the Egypt Sub-Fund for Financial Services and Digital Transformation, a wholly owned subsidiary of Egypt's Sovereign Fund, partner of 'Hermes Holding', acquiring a 25% stake in the bank. .
Karim Awad, CEO of Hermes Holding Group, said, “The completion of this landmark deal with our partner, the Sovereign Fund of Egypt, will contribute to transforming our operations in Egypt into a comprehensive banking platform, through commercial banking operations, in addition to our services through the Investment Bank. and the non-bank financing platform, which enhances our ability to provide a comprehensive range of financial products and services to both individual and corporate clients in the local market.”
He added: “For emerging and frontier markets, we will continue to provide investment bank services in Egypt and 12 other countries, and we will continue to maintain our leadership in all the markets in which we operate by securing distinguished trading volumes,” noting the vital role the company played in completing a group of the most prominent regional deals. Recently, in the Gulf Cooperation Council countries, such as the initial offering of ACWA Power in the Saudi market (Tadawul) and Vertiglobe on the Abu Dhabi Securities Exchange.
Awad pointed out that the completion of the acquisition of the majority stake in Arab Investment Bank is another step towards building a strong institutional structure for the group, which helps us to face the cyclical fluctuations of the capital markets, and enhance the possibility of synergy between the various sectors of the company, to provide a comprehensive package of products and services to customers.
He stressed that the company's efforts to diversify the range of services it provides has resulted in the development of its direct presence in 13 countries, allowing it the ability to provide financial services to more than one billion people who live and do business in some of the fastest growing markets around the world.
He explained that the addition of banking services to the group's services provided in the Egyptian market confirms the ability of "Hermes Holding", through its subsidiaries and brands owned by the group, to provide its clients with integrated solutions of financial services through a single platform.
Awad expressed his belief that the new business model adopted by the group will have a positive impact on its shareholders, because it will establish a clear vision of profitability rates and dividends in the future, as well as the possibility of reaping profits from the partial exit opportunities from some subsidiaries.
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