Dubai Group sells EFG Hermes’ stake to Natixis
Dubai Financial Group, part of Dubai Group, has sold its 11.8% share in Egyptian investment bank EFG Hermes to Natixis.
No financial details of the transaction were disclosed but Fadel Al Ali, chairman of Dubai Group, said the sale of the company’s stake in EFG Hermes was in line with Dubai Group’s business plan which was agreed with its lenders as part of a restructuring deal.
EFG Hermes operates in the Mena region. It posted earnings of EGP48m (€4.8m) for the second quarter of 2016 and an operating revenue of EGP288m (€29m), up 10% yoy.
The group’s asset management branch had assets under management of $2bn (€1.79bn) at the end of Q2 2016, down 13.7% qoq.