The delegation assigned to Credit Libanais’s Chairman, Joseph Torbey, to sell EFG-Hermes’s 63.74% stake in the bank expires at the end of February. The chairman was seeking investors to acquire the stake valued at a range of $470M-$500M. Meanwhile the offers of Cedrus Invest Bank and Saradar Group remained standing.
EFG-Hermes, the biggest publicly traded investment bank in the Arab world, acquired its stake in Credit Libanais in 2010 for $542M.
Credit Libanais Shareholders
|CIH Bahrain International Holding
Source: Bank Website