EFG Hermes Shareholders Approve QInvest Deal

Egypt’s biggest investment bank, EFG Hermes and Qatar’s QInvest had reached an agreement in May 2012.

Shareholders of EFG Hermes, Egypt’s biggest investment bank, reaffirmed on Sunday their approval of a planned tie-up with Qatar’s QInvest after demands by the regulator for more information on the deal were met, EFG said in a statement distributed by the stock exchange.

The Egyptian Financial Supervisory Authority (EFSA) had rejected decisions approved by EFG shareholders in June because the firm had not clarified points including minority rights.

EFG and QInvest sealed the agreement in May to hive off EFG’s investment banking business in a joint venture in which state-backed QInvest would hold a 60 per cent stake.