EFG-Hermes completes Lebanese bank stake purchase

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Egyptian investment bank EFG-Hermes said on Tuesday it had completed the acquisition of a 65 percent stake in Lebanon’s privately owned Credit Libanais, it said in a statement.

EFG-Hermes said in August it would buy the 65 percent stake for $542 million as part of a move by the Egyptian bank to diversify its business.


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