French bank Natixis bought a 11.8% stake in EFG Hermes Holding from Dubai Financial Group as part of a debt repayment plan, Bloomberg reported. Natixis was reported in May to be working with boutique investment bank Moelis & Co. to find buyers for Dubai Group’s nearly 12% stakes in EFG Hermes and, separately, in Bank Muscat. “Natixis is enforcing its right to seek a buyer for the assets under the terms of a restructuring deal Dubai Group made with its creditors two years ago. As part of that agreement, Natixis had the option to sell the stakes if Dubai Group hadn’t repaid the loan by the end of March.” Dubai Group Chairman Fadel Al Ali said yesterday that “the sale of our stake in EFG Hermes is consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement.” EFG Hermes notified the EGX that representatives of Dubai Group on its board have vacated their seats and were replaced by Natixis’ representatives Jean Cheval and Simon Eedle. Eedle is group head of Middle East operations for Natixis, while Cheval is head of Natixis’ finance and risk department as well as a member of its executive and management committees. Both men previously worked at Banque Indosuez.