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Thursday, 8 September 2022

Credit Agricole and Banque du Caire are both feeling acquisitive

We have two other M&A stories for you this morning:

Up first: Credit Agricole will purchase a 4.8% stake in Credit Agricole Egypt today, taking its holdings in its local unit to around 65%, Bloomberg Asharq reports, citing unnamed sources. The French lender plans to purchase 60 mn shares of its EGX-listed subsidiary from local and international investment funds in a transaction that is set to be executed today, they said.

The details: The sources are valuing Credit Agricole Egypt’s shares at EGP 6.23-EGP 7.00 apiece, bringing the total value of the transaction at EGP 374-420 mn. Shares in the bank fell 1% to EGP 6.20 yesterday.

Who owns Credit Agricole Egypt? Credit Agricole currently owns 60.44% of its Egyptian business, with Rolaco E.G.P Investments owning 6.59% and the remaining 32.9% simply flagged as “others,” according to the bank’s website.

Advisors: Our friends at EFG Hermes are reportedly acting as financial advisor and lead manager of the transaction, the sources said.


Banque du Caire has acquired a 10% stake in Western Union’s local representative, International Business Associates Group (IBAG). The state-owned bank acquired the shares from Al Ahly Capital Holding — the National Bank of Egypt’s investment arm — and Banque Misr, IBAG said in a statement yesterday, without disclosing the value of the transaction. This trims Al Ahly Capital and Banque Misr’s holdings to 15% each, while Sarhank Group retains its majority 60% stake. The parties to the sale did not disclose the value of the transaction.

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