File - Chairman of the Union of Arab Banks Joseph Torbey. (The Daily Star/Mohammad Azakir)
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Chairman of Credit Libanais Joseph Torbey said Thursday a group of Lebanese and Arab investors have secured $332 million to buy nearly two-thirds of Cairo-based EFG Hermes' 63.74 percent stake in the bank.Torbey refused to comment on reports that Lebanese banks were negotiating with EFG Hermes to buy its entire stake in Credit Libanais.Torbey said the solid reputations of the Central Bank and Credit Libanais in the international markets have encouraged Lebanese and Arab investors to buy a stake in the bank.Torbey replied to media reports that claimed he rejected other bank requests to examine the accounts of Credit Libanais as a condition to buy the stake of EFG Hermes.A statement by EFG Hermes confirmed the report that 40 of its 63.74 percent stake in Credit Libanais has been initially sold to a group of Lebanese and Arab investors.
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