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REFILE-Egypt's EFG-Hermes says not raising Bank Audi stake

Wed Oct 21, 2009 5:00am EDT

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(Corrects spelling to Bank Audi throughout)

CAIRO, Oct 21 (Reuters) - Egyptian investment bank EFG-Hermes (HRHO.CA) said on Wednesday it was not planning to substantially increase its stake in Lebanon's Bank Audi (AUDI.BY) above the 28 percent it already owns.

EFG-Hermes Securities Brokerage Managing Director Sherif Cararah told Reuters in New York on Tuesday the investment bank would like to increase its stake to more than 50 percent, "but this is a long-term process." [ID:nN20460924]

"EFG-Hermes denies any reports of its intention, nor that it has received approvals, to acquire a substantial stake in Bank Audi," the bank said in Wednesday's statement. (Writing by Patrick Werr; Editing by Hans Peters)



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