Egypt: Acquisition of takaful operator complete
Source: Middle East Insurance Review | Oct 2020
EFG Hermes and GB Auto have announced the completion of their 75% stake acquisition of Tokio Marine Egypt Family Takaful, in a deal worth EGP84.75m.
EFG Hermes (through its non-bank financial institution arm EFG Hermes Finance Holding) and GB Auto (through its non-bank financial institution arm GB Capital) will each hold a stake of 37.5% in Tokio Marine Egypt Family Takaful. The remaining 25% is owned by Japan’s Tokio Marine Group.
EFG Hermes Holding group CEO Karim Awad said, “The completion of this acquisition is a definitive milestone in EFG Hermes’ strategy to offer the Egyptian market a comprehensive suite of non-banking financial institution services. In four years, we were able to not only grow our traditional lines of business, but also introduced leasing, microfinance, consumer finance, FinTech, factoring, digital payments, mortgage and insurance.”
Following this transaction, Tokio Marine Egypt Family Takaful will be relaunched under a new brand in the coming months. M