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QIB gains after Qinvest/EFG Hermes JV is terminated
- Qatar: Thursday, May 02 - 2013 at 14:44
The QE 20 Index surged 0.93%, closing at 8,748.68 points Thursday. Qatar Islamic Bank or QIB advanced 0.73%, ending at QR68.90. QIB owns the majority in investment bank QInvest. A planned joint-venture between Qinvest and Egyptian counterpart EFG Hermes was automatically terminated on late Wednesday after both sided failed to get the nod from the Egyptian regulator. The parties tried to make a good face on the bad game. "Both institutions look forward to separately creating value for their shareholders and remain open going forward to capitalizing on their complementary strengths to pursue together suitable business opportunities in a less-structured framework," said Qinvest in a statement to the Qatar Exchange.
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Gérard Al-Fil, Financial JournalistThursday, May 02 - 2013 at 14:44 UAE local time (GMT+4)
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