Middle-east Arab News Opinion | Asharq Al-awsat

Mideast lenders to create joint investment bank - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI, United Arab Emirates (AP) — 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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube