Following similar limitations applied by CIB and the Abu Dhabi Islamic Bank (ADIB) last week, Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites.
Completing the integration will contribute to strengthening the size of the new entity and its local presence across the country, explained FABMISR CEO Fayed
FAB’s non-binding offer would have seen the bank acquire at least 51% of EFG Hermes, at an estimated price of EGP 19 per share, valuing the company at $1.2 billion
The statement added that EFG Hermes’ board has agreed to allow FAB to conduct its due diligence for the potential deal
