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QInvest's takeover of EFG-Hermes delayed
- Qatar: Saturday, January 26 - 2013 at 05:56
Egypt's biggest investment bank, EFG-Hermes Holding has announced its sale to Qatar's QInvest has been delayed as regulators in the Middle East scrutinise the takeover, Bloomberg has reported. QInvest, a unit of Qatar Islamic Bank, and EFG-Hermes plan to create an investment bank with operations in the Middle East, Africa and Turkey, as well as southern and south-eastern Asia. "It is mainly because of regulatory approvals that the conclusion of the deal is taking longer than expected," Hanzada Nessim, investor-relations manager at Cairo-based EFG-Hermes, told the news service. The deal, announced in March, was expected to be concluded in November.
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