Green light for EFG-Hermes, QInvest deal
Cairo, October 15, 2012
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.
"The Egyptian Financial Supervisory Authority certified, with no reservations ..., (EFG-Hermes') Extraordinary General Meeting minutes that was held on Sunday September 16, 2012 to approve the company's strategic alliance with QInvest," EFG-Hermes said in a statement.
The statement was sent to the Egyptian and London stock exchanges.
EFG and QInvest sealed the agreement in May to hive off EFG's investment banking business in a joint venture in which Qatar state-backed QInvest would hold a 60 percent stake. - Reuters