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EFG-Hermes, QInvest merger deal terminated
- Egypt: Thursday, May 02 - 2013 at 06:28
Egypt's largest finance firm EFG-Hermes has announced the termination of its joint venture agreement with Qatari investment bank QInvest, due to its failure to obtain the approval of the Egyptian Financial Supervisory Authority (EFSA) before the long-stop date for the year-old agreement, Ahram has reported. Early last month, EFG-Hermes said that the deal was not likely to be renewed if the EFSA failed to approve it on time, "in light of changing economic conditions and the increased price of the dollar, in addition to the loss of confidence in obtaining the EFSA's approval."
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