Shares in Egypt's largest investment bank EFG Hermes rose 3.5% on the country's stock exchange on Thursday, a day after the cabinet approved its acquisition of 51% of state-owned Arab Investment Bank.
The Sovereign Fund of Egypt also acquired a 25% stake in AIB, while the current owner, state-owned National Investment Bank (NIB), retained 24%, Reuters quoted Egypt's cabinet as saying on Wednesday.
It was Egypt's first bank privatization in more than a decade.
