EFG-Hermes Holding S.A.E (CASE:HRHO) and Sovereign Fund of Egypt agreed to acquire 76% stake in Arab Investment Bank from National Investment Bank Limited on June 24, 2020. The parties aim to acquire 76% of the capital of the Bank mostly through a capital increase as well as potentially through the acquisition of some secondary shares from the National Investment Bank, the current majority shareholder. EFG Hermes Holding S.A.E will have an ownership in the Bank of not less than 51% and the Sovereign Fund of Egypt an ownership of not less than 25% with the remaining stake continuing to be held by the National Investment Bank and the Federation of Arab States. During the first half (H1) of 2021, EFG Hermes posted consolidated net profits of EGP, ?755 million, compared to EGP ?423 million in H1-21, including minority shareholders' rights. EFG Hermes and Sovereign Fund of Egypt have received approval to conduct due diligence on Arab Investment Bank. The deal is subject to agreement between the parties on the different contractual agreements and obtaining final approval from the Central Bank of Egypt. As of April 14, 2021, Board of EFG-Hermes Holding S.A.E approved the deal. As of May 19, 2021, Egyptian Cabinet approved the transaction. As of August 30, 2021 The Central Bank of Egypt (CBE) approved the acquisition of 76% of Arab Investment Bank by the sub-fund for financial services and digital transformation owned by The Sovereign Fund of Egypt (TSFE) and the Egyptian Financial Group Hermes Holding (EFG Hermes). As of October 11, 2021 all the conditions has been fulfilled. Transaction is expected to close before the end of 2020. As of May 19, 2021, transaction expected to close in the third quarter of 2021. EFG-Hermes Holding S.A.E (CASE:HRHO) and Sovereign Fund of Egypt completed the acquisition of 76% stake in Arab Investment Bank from National Investment Bank Limited on October 11, 2021.