CAIRO: Egyptian investment bank EFG-Hermes said on Thursday it does not manage any portfolios for the family of president Hosni Mubarak, who was ousted last week in a popular revolt.
"EFG-Hermes Holding does not manage any funds or portfolios for the family of the former president of Egypt," the bank said in a statement released by the stock exchange.
EFG-Hermes said it had also received a statement from its executives confirming they had no direct or indirect personal or financial ties to the Mubarak family.
The company said it did not receive any special privileges from the Egyptian government and its operations were carried out in full transparency.
EFG-Hermes had said on Sunday that a stake owned by Mubarak’s son Gamal was limited to an 18 percent holding in a subsidiary, EFG Private Equity.
Gamal previously worked as an investment banker for Bank of America in Cairo and London and helped set up another London-based advisory and investment firm.
EFG said on Thursday its relationship with Gamal began in 1997 and was made public at the time.
It said EFG Private Equity generates no more than 7 percent of EFG Hermes Holding’s total revenue and Gamal Mubarak’s share of dividends over the past three years was no more than a tenth of the sum alleged by some media.
Egypt’s military-led government asked the United States, Britain and France this week to freeze the assets of former Egyptian officials. Mubarak and other senior figures are suspected of having sent billions of dollars of assets abroad.
