13 Jun 2016
(MENAFN) Egypt’s EFG-Hermes plans to USD122 million to shareholders and step up its growth strategy after selling a 40 percent stake in Lebanese lender Credit Libanais.
Egypt’s largest investment bank will reward its shareholders in cash and share buybacks after having completed the USD310 million stake sale last week.
The bank will also pursuing plans to boost capital reserves at subsidiaries in the United Arab Emirates, Kuwait and possibly Saudi Arabia.
“We will be required to enhance capital structure, meet capital adequacy requirements and embrace opportunities as they appear by injecting capital in our subsidiaries,” EFG-Hermes said in a bourse statement.
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