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HSBC acquires EFG Hermes stake, at least 5%

Egypt's stock exchange has said British bank HSBC has acquired a stake of at least 5% in the Middle East's biggest home-grown investment bank, EFG Hermes, Reuters has reported. EFG is folding its main investment banking business into a new joint venture with Qatar's QInvest, giving it more resources to expand operations across the region. HSBC paid an average of EGP10.15 ($1.68) per share for 32.3 million shares, the exchange said.