Thursday, Apr 26, 2012
DUBAI (Zawya Dow Jones)--Egypt's EFG Hermes (HRHO.CI) said on Thursday that Qatar's QInvest may hold a majority stake in the new investment bank both financial groups are seeking to create.
"Knowing that the negotiations are ongoing in the context of establishing an entity in which QInvest may own the majority share, seeking to establish the largest investment bank in the Arab world, Africa, Turkey, South and Southeast Asia," EFG said in a statement.
Both banks said last month they are in talks to create what could become one of the Middle East's largest investment banks with a wide geographical basis stretching across the Middle East and beyond.
Details about the structure of the deal have been lacking, but the proposed new investment bank would include the brokerage, asset management and investment banking operations, while EFG's private equity unit and its Lebanese subsidiary are excluded from any potential deal.
Shares in EFG Hermes last traded 9.2% higher Thursday at EGP14.03.
-By Nicolas Parasie, Dow Jones Newswires, +9714 446 1681, nicolas.parasie@dowjones.com
(Leila Hatoum contributed to this article)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-04-12 1108GMT
