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by Executive Editors February 22, 2010

written by Executive Editors February 22, 2010

EFG-Hermes sells stake in Bank Audi after “No” to acquisition After acquisition rumors circled through the regional media in October 2009, EFG-Hermes announced on January 18 that it had sold its 21.95 percent stake in the Lebanese bank for $913 million. “After lengthy discussions with Bank Audi regarding a combination of the two businesses, it became evident after the events of 2008, that an amalgamation in the near future might be difficult,” said an EFG press release. The investment bank’s 7,554,148 ordinary shares and 2,483,034 global depository receipts sold for $91 per share, noted Bank Audi in a January 18 press release. The transaction resulted in $260 million in unconsolidated capital gains for EFG. Though Audi has not specified the buyer officially, Reuters, citing an anonymous source, confirmed that members of the Mikati family had bought some part of EFG’s shares. Arab Finance reported on January 17, citing sources close

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