Monday 21 April 2014
 
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EFG-Hermes

EFG-Hermes plunges to $48m net loss

Egyptian bank EFG-Hermes plunged to a net loss of $48 million last year, hit by one-off charges including a writedown in the value of certain investments. The bank, active both in investment and commercial banking, said yesterday

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EFG-Hermes sells Damas stake to Mannai

Egyptian investment bank EFG-Hermes has agreed to sell its 19 percent stake in United Arab Emirates jeweller Damas to Qatar's Mannai Corp for $150 million, a source familiar with the deal said on Wednesday. Mannai and EFG-Herm

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EFG-Hermes swings to Q4 net loss

EFG-Hermes, Egypt's biggest investment bank, has reported a net loss of EGP 21 million ($3.08 million) for the fourth quarter compared to a EGP31 million profit in the same quarter a year earlier. The bank said one-off expense

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QInvest-EFG Hermes deal tests new Egypt

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own) QInvest's bid to carve up EFG Hermes is a test for the new Egypt. Ten months have passed and the Qatari firm is still waiting for regulators

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Green light for EFG-Hermes, QInvest deal

  Egypt's regulator has no objections to the deal between EFG-Hermes and QInvest of Qatar to create an investment bank, the Egyptian investment bank said on Monday, giving a green light for the tie-up to go ahead.

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Investors make new offer to buy EFG-Hermes

A group of investors called Planet IB that has launched a bid to buy out EFG-Hermes said on Saturday it intended to offer 13.50 Egyptian pounds ($2.23) per share for the Egyptian investment bank. Shares in the bank closed at 10.99 pounds o

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Hermes trading resumes after statement on CEO

Egypt's stock exchange briefly suspended trade in EFG-Hermes shares on Tuesday but resumed dealing after the investment bank issued details about its chief executive Yasser El Mallawany, who faces a travel ban. The shares were trading dow

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EFG stocks drop after CEO travel ban

Shares in EFG-Hermes, Egypt's biggest investment bank, plunged 5.7 per cent at the opening of the market on Monday and trading was suspended after its chief executive Yasser el Mallawany was banned from leaving Egypt. Egyptian airport

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EFG-Hermes Q1 net profit nearly wiped out

EFG-Hermes, Egypt's biggest investment bank, said first-quarter net profit slumped 93 percent, hit by political turmoil and with the 2010 period boosted by an exceptional capital gain. Net income dropped to 36.0 million Egyptian pounds ($6

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Radwan named CEO of Abraaj's Saudi initiative

Abraaj Capital, a leading emerging markets focused alternative asset manager, has appointed Hossam Radwan as a senior partner at Abraaj Capital and CEO of the firm’s SR2 billion investment platform dedicated exclusively to investing in Saudi Arabi

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