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 Holding SAE GDR (Reg S)
$0.71
16:34 20/09/24
0.00%
$0.00
Financial Services
16,083.77
16:49 20/09/24
-0.15%
-24.87
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.