EFG Hermes agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake and the current owner, Egypt"s state-owned National Investment Bank (NIB), retaining 24%. EFG Hermes, Egypt"s biggest investment bank, has completed its takeover of state-owned Arab Investment Bank, transforming itself into an Egyptian universal bank, it said on Thursday. EFG Hermes agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake and the current owner, Egypt"s state-owned National Investment Bank (NIB), retaining 24%. It is Egypt"s first bank privatisation in more than a decade.