EIIB-Rasmala, a London-listed asset management and financing group, has fully acquired Rasmala Egypt Asset Management S.A.E (REAM), increasing its shareholding from 51% to 100%.

Zak Hydari, CEO of EIIB-Rasmala, said: "The full acquisition of REAM is a further milestone in the consolidation of our fast growing regional asset management business.”

The transaction further consolidates EIIB-Rasmala's asset management business and follows the recent announcement of a series of new strategic initiatives for 2015, including the expansion of the Group's leasing and real estate businesses.

With its origins going back to 1997, REAM is one of the most well-established and fastest growing asset management firms in Egypt.

According to performance rankings issued by the Egyptian Investment Management Association, REAM's ABC Equity Fund was the best performing equity fund in Egypt in the last 12 months ended 30 September 2014.

“In line with our overall asset management strategy, we are now opening discussions with potential JV partners to expand our investment activities in both Egypt and other parts of Africa,” added Hydari.