EFG-Hermes eyes to sell Bank Audi stake

Egypt-based EFG-Hermes Holding SAE has said it is in talks to sell its four year-old $913.4m stake in Lebanon's Bank Audi, after more than doubling the value of the investment, Bloomberg has reported. EFG-Hermes took a 20% stake in Bank Audi for $450m in January 2006. The investment bank's share includes 7,554,148 common shares and 2,483,034 global depositary receipts at $91 per share. EFG-Hermes CEO Yasser El- Mallawany has declined to identify the potential buyer.