National Bank of Egypt acquires 24% stake in Aman Financial Services for EGP 480m
Date
12/30/2020 4:57:10 PM
(MENAFN- Daily News Egypt) The National Bank of Egypt (NBE) has acquired a 24% stake in Aman for Non-Banking financial Services, in a deal worth EGP 480m.
The Acquisition took place after the NBE signed two share purchase contracts and a shareholder agreement to seal the deal.
NBE Chairperson Hisham Okasha said that the bank aims to invest in the company to contribute to one of the largest non-bank financial services companies in the country. These efforts also aim to maximise the bank's role in supporting electronic payment (e-payment) activities, financial services, and financing micro-projects.
Okasha added that this step is an important step for the bank towards spreading the culture of e-payments and reducing cash transactions. It will also ensure that the NBE contributes to promising companies such as Aman.
For his part, Aman Chairperson Medhat Khalil said that the NBE's entry as a shareholder in Aman is an important added asset to the company's performance as the largest bank working in the Egyptian market.
NBE Vice-Chairperson Yehia Aboul Fotouh said that the bank's keenness to acquire a stake in Aman is one of the bank's strategic investments. He added that the negotiations were successfully concluded, with the two parties' belief in the importance of this partnership.
Ahmed El-Said, the NBE's Group Head of Investment and Assets Management, said that the deal falls in line with the bank's investment strategy to diversify its non-banking financial institutions and payment services.
Matouk and Bassiouni for Legal Advice carried out the work of legal advisor, with the Office of Grant Thornton for Financial Consulting involved in the evaluation work for the National Bank of Egypt.
Elite Consulting also carried out valuation work, with Pharos IPO Promotion and Coverage acting as the seller's financial advisor.
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