EFG Hermes has completed the sale of a 40% stake in Credit Libanais for USD 310 mn before associated fees, according to a bourse statement. The stake was sold to Arab and Lebanese investors at USD 33.00 per share and EFG Hermes plans to sell its remaining stake (estimated at a little under 24%) by May 2017, according to Reuters. Among other things, the firm will use the proceeds to reshape itself as a frontier house and expand its product range, with Group CEO Karim Awad writing in his note for the firm’s recently released 2015 annual report (pdf) that the CL sale will allow the firm to accelerate its “transformation into a firm that comprehensively covers some of the world’s most exciting emerging and frontier markets,” describing the move as “natural evolution for EFG Hermes.” As we noted back in March, EFG is doing due diligence on the acquisition of a 51% stake in Pakistan’sInvest and Finance Securities Limited (IFS), a transaction valued at c. USD 3.3 mn.