One of the biggest banking stories in the Middle East and north Africa (MENA) region in 2012 was the joint venture formed between Egypt’s EFG Hermes and Qatari investment bank QInvest.
The merger will see QInvest inject $250m in capital into EFG Hermes for a 60% stake in the business, which will rank as the biggest investment bank across the MENA region. The new entity – retaining the name EFG Hermes – will offer through its subsidiaries a full range of investment banking services, owning and operating the investment banking, securities brokerage, asset management, research and infrastructure fund businesses and will be headquartered in Cairo, with offices around the region.
