The Egypt-based EFG Hermes said its board has approved the sale of its 63.7 percent stake in Credit Libanais for a total of $492.2 million. Credit Libanais Investment Bank (CLIB) has arranged the sale of 9.41 million shares, representing 40 percent of the bank's capital to Lebanese and Arab investors. At this valuation, the price comes close to book value.
Bank Chairman, Joseph Torbey, was able to raise the required amount for acquiring the stake, according to a source close to the deal. ...
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