M&A WATCH- EFG Hermes, GB Auto jointly acquire majority stake in Tokio Marine Egypt: A consortium of EFG Hermes and GB Auto’s non-banking financial services arms has acquired 75% of Japan’s Tokio Marine Holdings life insurance subsidiary Tokio Marine Egypt Family Takaful in an EGP 84.75 mn transaction, according to a statement. EFG Hermes Finance and GB Capital will each own 37.5% of the company. The agreement, which was finalized with Tokio Marine (Japan’s largest general insurer) yesterday, is still subject to regulatory approvals.

Potential in tapping an underserved market: Both GB Auto and EFG Hermes CEOs Raouf Ghabbour and Karim Awad were quoted in the statement as saying the life insurance market is “untapped” and “under-penetrated” and has significant potential going forward. “EFG Hermes Finance and GB Auto bring to the table unique capabilities in the NBFI market, capitalizing on their market strength and extensive experience both individually and as partners in the mortgage finance space,” reads the statement.