Dubai Financial Group, a subsidiary of state-owned Dubai Group, has sold its 11.8 per cent stake in Egyptian investment bank EFG Hermes to France’s Natixis.

“The sale of our stake in EFG Hermes is consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement,” said Fadel al-Ali, chairman of Dubai Group, in a statement.

Dubai Group’s $10bn restructuring plan was agreed in early 2014, with key creditors including Natixis and the local Emirates NBD. About $6bn was owed to banks and $4bn to other companies.

The negotiations began in 2010, after the investment vehicle missed payments on debt taken out before the global financial crisis in 2008.

Dubai Banking Group, another subsidiary of Dubai Group, sold a 48.4 per cent stake in local investment bank Shuaa Capital earlier in 2016 to Abu Dhabi Financial Group. It will also have to divest from Oman’s Bank Muscat this year under the restructuring plan.

EFG Hermes reported group earnings of £E48m ($5m) in the second quarter of 2016, on operating revenues of £E288m.

Its global depositary receipt (GDR) share price on the London Stock Exchange, which represents two ordinary shares on the Egyptian Exchange, closed at $2.1 on 14 August, valuing the company at about $646m, and Natixis’ stake at $76m.