EFG Hermes to sell 40% stake in Credit Libanais

EFG Hermes has received approval from the Central Bank of Lebanon to sell a 40% stake in Credit Libanais, and will thus proceed with the sale.

EFG Hermes -- an investment bank in the Middle East and North Africa region -- said its board agreed in March to sell a 40% stake in Credit Libanais at $33 a share, according to reports. Its shares were up almost 3.5% following the news.

It bought the stake in 2010 for $542m, stating the deal would help its expansion into Lebanon and the Levant and help widen its product range, reports said.