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EFG Hermes Picks Goldman to Evaluate First Abu Dhabi Bid

  • Independent adviser will make recommendation to shareholders
  • First Abu Dhabi offer last week valued bank at $1.2 billion

EFG Hermes is poised to pick Goldman Sachs Group Inc. to advise on First Abu Dhabi Bank PJSC’s offer to acquire a majority stake, people familiar with the matter said.

The independent adviser, once hired, will make a recommendation to shareholders of Egypt’s largest investment bank, the people said, asking not to be identified because the information is private. Investors in the bank include Natixis SA and U.S.-based Ripplewood.