M1 Group, a group owned by former Prime Minister Najib Mikati and his brother Taha, is one of the buyers.

The M1 Group which invests in capital markets, telecom, retail, energy and real estate sectors bought an 11 percent stake from Hermes for $380 million. 

The Abu Dhabi, Al-Nehyan ruling family is also among the buyers; it purchased an equal 11 percent from Hermes.

The Central Bank (BDL) subscribed to the remaining 4.5 percent paying as much as $153 million for the stake which it sold later to the Merhebi Group.

BDL’s move was perceived by a wide range of bankers and analysts as a violation to the legal frameworks that define its role and scope of intervention in such deals. However, BDL said that it interfered to facilitate the transaction after EFG Hermes said it plans to sell the stake “all at a time.”

Following the transaction, Deutsche Bank remained the major shareholder in Audi with a 30 percent stake. M1 Mikati Group and UAE’s Al Nehyan Family entered Audi as new shareholders holding an 11 percent stake each.

Kuwiati families, Al Khozaimi and Al Sabbah kept their stakes of 6.5 stake and 5.7 percent respectively, and Sheikh Dhiab Bin Zayed Al Nehyan reserved his 5.32 percent stake.

Another new shareholder in Audi is now the Merhebi Family with a 4.5 stake. Audi and Saradar families still own 7.04 percent and seven percent respectively.

Plans to merge EFG Hermes and Audi failed in 2008, following the global financial crisis which hit hard the Dubai-based Egyptian bank’s assets.

EFG Hermes said that “after lengthy discussions with Audi regarding a combination of the two businesses, it became evident following the events of 2008, that an amalgamation in the near future will be difficult.”

The investment bank said it will realize a capital gain of $260 million from the sale.