QInvest chief hopeful of EFG deal

Signing dealThe chief executive of Qatar-based investment bank QInvest says he is hopeful that shareholders in EFG Hermes will approve the companies' joint venture deal that was suspended by the Egyptian regulator.

Shahzad Shahbaz said the Egyptian regulator halted the deal because it wanted more information to be disclosed to EFG Hermes shareholders. QInvest has worked with the regulator to address the gaps in the information, he said. A second EFG Hermes shareholder meeting has been called for 16 September.

“Once the EFG deal is done, the combined operation will be by far the largest investment bank in the region,” said Shahbaz.

As well as investment banking, the combined operation will have a significant asset management business and a brokerage platform.

Shahbaz said the Egyptian regulator's suspension set back the transaction by four to six weeks. Assuming the deal gets the regulatory approvals it needs, he expects the joint venture agreement to close in October or November.

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