Jeddah, KSA, February 13, 2017: Baker McKenzie advised a consortium led by Arab Bank Chairman Sabih al Masri, in acquiring a 20% stake in Arab Bank Group from Oger Middle East Holdings.
A consortium of investors bought a 20 percent stake in Arab Bank Group for $1.12 billion. These were led by Arab Bank Chairman Sabih al Masri, a businessman with stakes in other banks and the hotel industry, and owner of ASTRA, a diversified group of companies he founded with investments in a wide range of sectors that has 6,000 employees in 11 countries.
Arab Bank, headquartered in Jordan, is one of the Arab world's largest privately owned banks and operates in 30 countries. The bank has assets of more than $46 billion, with 600 branches on five continents. It owns 40 percent of Saudi Arabia's Arab National Bank ANB.
The seller, Oger Middle East Holdings, is one of the Gulf's largest construction companies.
Riyadh partner Karim Nassar led the team, assisted by Noura Taher. 'This was a complex acquisition of a large stake in one of the region's largest financial institutions, involving multiple investors and countries,' said Mr. Nassar. 'It underlines confidence in the banking sector and Arab Bank's continued opportunities for expansion.'
QInvest, a Qatari investment bank was the sole financial advisor to the consortium.