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Egypt's EFG Hermes to sell 40pct stake of Credit Libanais

EFG Hermes owns 63.7 percent of Credit Libanais, its only commercial banking service, shows the latter's website.
19.03.16 | Source: Ahram Online

Egypt's leading investment bank EFG Hermes approved the sale of 40 percent of its stake of Credit Libanais to Lebanese and Arab investors at a price of $33 per share, the bank said in a statement to the bourse on Thursday.

The sale which is expected to be completed by the end of June, is still subject to the Lebanese central bank's approval.

The share price of EFG Hermes surged 15.42 percent to EGP 10.69 per share by mid-trade on the Egyptian stock exchange.