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Sunday, 5 June 2016

EFG Hermes gets Central Bank of Lebanon approval for Crédit Libanais stake sale

EFG Hermes has won regulatory approval for the sale of its stake in Crédit Libanais to a group of Lebanese and Arab investors, Lebanon’s Daily Star says, quoting unnamed bankers. EFG Hermes had announced in March (pdf) that it was looking to exit its more than 60% stake in Crédit Libanais. On Thursday, EFG Hermes’ board said it had approved an independent financial advisor’s valuation of Crédit Libanais that it had earlier commissioned from Grant Thornton. EFG Hermes Group CEO Karim Awad said in his note for the firm’s recently released 2015 annual report (pdf) that the CL sale will allow the firm to “reshape the business model in a manner that will be more accretive on the medium to long term. … Our transformation into a firm that comprehensively covers some of the world’s most exciting emerging and frontier markets will be a long journey, but it is the natural evolution for EFG Hermes.”

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