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Egypt regulator explains decision to reject QInvest, EFG Hermes merger deal
- Egypt: Saturday, May 04 - 2013 at 05:43
The Egyptian Financial Supervisory Authority (EFSA) has said that the main reason for refusing to approve its year-old joint venture deal with Egyptian investment bank EFG-Hermes was QInvest's lack of experience, Ahram has reported. "In light of the limited experience of the purchasing company and its lack of activity since its inception, it does not meet the legal requirements for acquiring subsidiaries of EFG-Hermes, one of the largest investment banks in Egypt," said the regulator. EFG-Hermes badly needed the $250m injection from the deal. It will now cut costs to EGP500m ($72.11m) in 2014 from EGP780m for 2013, the firm said.
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