Conflict is escalating in Egypt’s financial market after asset management company Beltone Financial Holding, owned by billionaire Naguib Sawiris, signed an agreement to purchase a 51 per cent stake in the New York-based brokerage firm Auerbach Grayson & Co.
The acquisition is thought to further demonstrate Sawiris’ plan to rival EFG-Hermes which has close ties with the Egyptian authorities. Sawiris had previously attempted to purchase a 20 per cent stake in EFG-Hermes; however he failed in his endeavour.
Meanwhile, EFG-Hermes announced that Lebanon’s central bank approved the sale of its 40 per cent stake in Credit Libanais SAL, worth $310 million.