EFG-Hermes Holding SAE will sell its 40 per cent stake next year in the investment bank it is forming with QInvest and will become a holding company, Arqaam Capital Ltd said.
EFG-Hermes would hold assets in Lebanese unit Credit Libanais SAL, as well as a private equity unit managing $980 million (Dh3.6 billion) and a “large surplus capital position, part of which will be distributed to shareholders,” analysts including Jaap Meijer said in a report. The Cairo-based bank was added to Arqaam’s core portfolio with a buy rating and a price estimate of 15.9 Egyptian pounds, a 34 per cent premium to yesterday’s closing price………………………………………..Full Article: Source