Egyptian investment bank EFG-Hermes has signed a deal to buy a 51% stake in Omani brokerage Vision Securities for $15.3 million, EFG-Hermes said on Monday.
EFG-Hermes, Egypt’s largest investment bank, said it would assume management control of the Omani business, which made a net profit after tax of $2.6 million in 2007 and held a 9.2% share of the market.
“As part of EFG-Hermes’ strategy to expand its regional presence into Arab markets, we have entered into an agreement to acquire 51% of Vision Securities Co. LLC, one of Oman’s leading local brokers,” Hassan Heikal, Co-Chairman and Chief Executive Officer of EFG-Hermes, said in a statement.
It said that Vision Investment Services Co. SAOC, previously the majority stakeholder, would own the remaining 49%.
Bank Audi, one of Lebanon’s two largest banks, said last month it was in talks with EFG-Hermes over a possible merger. But Bank Audi said at the time that the talks were at a preliminary stage.
EFG-Hermes, which made a net profit of more than $230 million in 2007, operates in Egypt, Saudi Arabia, the UAE and Qatar. Shares in EFG-Hermes were 1.8% lower at 55 Egyptian pounds ($10.12) by 0952 GMT. (Reuters)
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