Last Updated January 14, 2010
Egyptian institution considers offloading stake in Lebanese bank.
EFG Hermes, an Egyptian investment bank, is in talks to sell its stake in Bank Audi.
In a statement on the London and Egypt stock exchanges, on which EFG Hermes is listed, the company confirmed that it is in discussions regarding a US$913.4mn (€629mn) sale of its stake in the bank, held in shares and global depositary receipts.
The firm added that it will make a further announcement “if and when the deal is concluded”.
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