The partnership would include securities broking and asset management, as well as investment banking, EFG-Hermes said in a Regulatory News Service filing today. QInvest, a unit of Qatar Islamic Bank (QIB), already operates in the target markets.
If an agreement is reached, the new firm will seek to “play a vital role in the flow of foreign capital” into the region and enable Arab investors to participate in investment opportunities, EFG-Hermes said in the statement. Its private- equity business is excluded from the negotiations.
Shares of EFG-Hermes, the biggest publicly traded Arab investment bank, fell 0.7 percent to 12.7 Egyptian pounds at 11:01 a.m. in Cairo, paring their increase this year to 27 percent. Shares of Qatar Islamic Bank (QIB) retreated 0.1 percent to 77 Qatari rials, bringing their decline in the same period to 8.7 percent.
To contact the editor responsible for this story: Shaji Mathew at email@example.com