EFG Hermes is selling its shares in Credit Libanais. On the table is $470-$500 million for almost two thirds of the bank’s shares

After months of rumors and press reports concerning a potential sale of the share of EFG-Hermes in Credit Libanais – at the time either denied or characterized as premature – prospective buyers have finally confirmed that a serious bidding process is underway.

Cedrus Invest Bank, BIT Bank, and a consortium of investors led by the bank's chairman Joseph Torbey are seeking to acquire the 63.7 percent stake of the Egypt-based EFG-Hermes Holding in Credit Libanais, said Raed Khoury, Chairman ...

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