Well that’s not the case (though it would be funny):
EFG Hermes, the Egyptian investment bank, said on Tuesday it had completed the acquisition of a 65 percent stake in Lebanon’s Crédit Libanais, in a transaction valued at $542m.
The deal, which is part of a move by the Egyptian bank to diversity its assets, was completed after Crédit Libanais’ sale of a real estate unit for $36m, the bank said in an emailed statement.
The deal also allows EFG to increase its stake in the company by an additional 25% and comes almost a year after EFG sold its shares in Banque Audi. No change in management is expected.
From Gulf News: People walk in front of Credit Libanais bank in Beirut, Lebanon. Analysts say the buy fits well with EFG's ambitions to expand regionally. (AP)