Middle East banks EFG Hermes and QInvest say they have reached a deal to combine some of their operations to create a joint investment bank meant to service the Arab world and beyond.
The deal announced late Friday will give Qatar’s QInvest a 60 percent stake in the new company. It will inject $250 million into the new bank.
Cairo-based EFG Hermes will own the rest of the new company, EFG Hermes Qatar. It has the right to sell its remaining stake for about $165 million after a year.
The companies said in March they were in talks to merge some of their operations.
EFG Hermes is Egypt’s largest investment bank. QInvest is a privately held bank based in the energy-rich Gulf state of Qatar.
Last Updated: Sat May 05, 2012 12:09 pm (KSA) 09:09 am (GMT)
Mideast lenders to create joint investment bank
Saturday, 05 May 2012
The deal will give Qatar’s QInvest a 60 percent stake in the new company. It will inject $250 million into the new bank. (File photo)
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