EFG-Hermes Chairwoman Mona Zulficar said on Thursday that the firm expects Egypt’s financial regulator to approve the creation of an investment bank with QInvest next week.
“I expect regulatory approval early next week from EFSA and that this will signal start of procedures to implement the joint venture agreement with QInvest and create the most important investment bank in the region,” Zulficar said in an emailed statement.
EFG-Hermes and QInvest sealed the agreement in May to hive off EFG-Hermes’s investment banking business in a joint venture in which state-backed QInvest would hold a 60 percent stake.
In September, shareholders in EFG-Hermes reaffirmed their approval of the tie-up after demands by the regulator for more details were met. EFSA had rejected decisions approved by shareholders in June because the firm had not clarified points including minority rights.