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NCB Capital, the investment and asset management arm of National Commercial Bank, divested its shareholding in Egypt’s brokerage firm HC Securities & Investment, Egypt’s Al Borsa newspaper reported, citing sources.
The sources said that Egyptian businessman and chairman of HC Securities Hussein Shokri finalized earlier the acquisition of NCB Capital’s 30% stake in the company, to complete the sale of HC Securities.
In 2008, a private-equity fund, which is 100%-owned by NCB Capital, acquired Morgan Stanley’s stake in HC Securities for 240 million Egyptian pounds.
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