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NIB to swap shares with 2 lenders, insurance group

Tuesday 19 February 2019 02:11 PM

Misr Insurance
Misr Insurance

By Ahmed Ashour:
Representatives from National Investment Bank (NIB), the National Bank of Egypt (NBE), Banque Misr and Misr Insurance Holding Company (MIH) will hold a meeting in the next few days to discuss shares swap in firms to which they contribute. The move is part of a plan to exploit assets and exit from them in accordance with the strategy of each entity, the deputy chairman of NIB Mahmoud Montasser said.
The expected meeting is the first implementation step of an announcement by the chairman of MIH, Basel Al-Hainy, who told Al-Mal newspaper last November that there is coordination with those banks to explore the maximization of benefiting from joint contributions.
He said that the insurance group and subsidiaries participate in many investments through small stakes, adding that benefit maximization may be done through consolidation of stakes in favor of any entity, according to discussions, which will be held, noting that all possibilities are considered.
For his part, the deputy chairman of NIB Mahmoud Montasser said that the four entities have recently held their first meeting with the purpose of creating substantial stakes for each party to facilitate exiting.