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Billionaire's Investment Banking Foray Bets on Egypt Revival

  • Sawiris sees no regulatory objections to the buyout deal
  • Orascom Telecom Media shares advance most in six weeks
Updated on

Egyptian billionaire Naguib Sawiris expects his acquisition of two investment banks to pay off with the recovery of the country’s battered economy, allowing him to challenge EFG-Hermes’ dominance in the financial services’ industry.

Sawiris, in an interview in Cairo on Sunday, said he will complete the purchase of CI Capital Holding this month to create Egypt’s second-biggest investment bank. The 924 million Egyptian-pound deal ($118 million) is in "execution mode" after the share-purchase agreement was signed, he said, adding that he sees no regulatory objections. Shares of Orascom Telecom Media & Technology, Sawiris’ investment arm, advanced the most in six weeks.