Egypt’s EFG-Hermes Holding has secured the nod of the central bank of Lebanon to sell a 40% stake in Lebanese lender Credit Libanais to a group of international, Arab and local investors including sophisticated funds, institutional and individual investors.
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The stake was offloaded for a price of $310.48m, distributed over 9.408 million shares, at $33 per share.
Commenting on the sale, Credit Libanais said: “The deal is considered a strategic achievement for the Lebanese banking sector amid the difficult regional and national conditions, reiterating investors’ confidence in the sector on the one hand and in the policies of the Lebanese Central Bank on the other.
“The transaction also highlights the robust financial standing of Credit Libanais as well as the professionalism of its management team who was able to successfully market the deal in such a critical timing.”
EFG-Hermes acquired the stake in Credit Libanais in a $542m deal in 2010 to expand its consumer and commercial banking reach.
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By GlobalDataHowever, in March 2016, it announced plans to offload the stake in the Beirut-based lender to Arab and Lebanese investors at $33 per share, with plans to divest its remaining shares by May 2017.
