Egypt’s CIB purchases 51 percent of Hermes
Sources at Egypt’s Commercial International Bank have revealed that 51 percent of the Hermes financial group was recently purchased by the bank for a total of $476 million, according to Al-Sharq Al-Awsat daily.
Chairman Mahmud AbdUl Aziz stated that the bank had also formulated a strategic plan to finance major projects in Egypt and throughout the Middle East. Abdul Aziz maintained that the bank was actively integrating its bond, fund, investment activities and financial management activities, as it served numerous major clients locally.
Egypt’s Commercial International Bank currently operates 28 branches, and provides financial services to private and corporate customers. The bank was established in 1975 as a joint venture between the National Bank of Egypt (51 percent) and the Chase Manhattan Bank (49 percent).
The Hermes group presently has over 430 employees. Its Cairo headquarters has branches in several locations throughout the country. The group’s Asset Management division has an office in the United Kingdom, which helps manage its Middle East and Emerging Africa Fund. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
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