Egypt’s EFG Hermes invests $542 million in Lebanon’s Credit Libanais

November 9, 2010 ⋅ 2:46 pm ⋅ Post a comment

Filed Under Bank, Egypt, Lebanon

Egyptian investment bank EFG Hermes says it has completed its purchase of a 65 percent stake in Lebanon’s Credit Libanais S.A.L, wrapping up a deal valued at $542 million.

The investment bank said Tuesday in a statement that the deal includes the option to buy an addition 25 percent stake at the same price over the next two years. EFG Hermes has been working to expand its reach in the region and diversify its assets.

EFG sold its stake in Lebanon’s Bank Audi in January for $918 million, shifting gears after an unsuccessful attempt to boost its stake in that bank.

Credit Libanais recorded net income of $58.8 million for the nine-month period ending in September.

AP

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http://www.cadmeia.com Hannibal

Egyptians buy our banks, Emiratis our real estates, malls and hotels, Soon Iran will own our oil and energy, Syria owns the hearts and minds of people and we Lebanese will throw our lot with the Palestinians as homeless. The reason why Palestinians have no homeland is because Jordan claimed the West part of it and Egypt claimed Gaza and Negev. Now Arabs and non-Arabs are gnawing away at Lebanon piece by piece saying open your legs and our so called leaders answer how wide?

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