Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes), through its non-banking financial institution (NBFI) arm EFG Hermes Finance Holding, and Ghabbour Auto (GB Auto), through its NBFI arm GB Capital, have completed the acquisition of a 75% stake in Tokio Marine Egypt Family Takaful.
Under the EGP 84.75 million deal, EFG Hermes Finance and GB Capital will each hold a stake of 37.5% of the company, while Tokio Marine Group will own the remaining 25%, according to a statement to the Egyptian Exchange (EGX) on Thursday.
“The acquisition will be leveraged to complement the companies’ respective existing NBFI operations through the introduction of innovative insurance products.”
Sohail Ali, who has an insurance experience extending for two decades, has been appointed as CEO of Tokio Marine Egypt Family Takaful, slated to be relaunched under a new brand in the next months.
