Egypt’s EFG Hermes and GB Auto Acquire 75% of Tokio Marine Egypt Family Takaful

Egypt’s EFG Hermes and GB Auto have announced the completion of their 75% stake acquisition of Tokio Marine Egypt Family Takaful (TMFT), according to local media reports.

The transaction is worth a total of EGP 84.75 million and was conducted via EFG Hermes’ non-bank financial institution (NBFI) arm EFG Hermes Finance Holding and GB Auto’s NBFI arm GB Capital. Both NBFIs will each hold a 37.5% stake of TMFT. Meanwhile, the remaining 25% stake of TMFT’s Egypt operations will be owned by its Japan-based parent company Tokio Marine Group.

Egypt’s insurance sector has been consistently reported as underpenetrated compared to regional and global peers, and ha...