EFG And Qatar’s Qinvest To Form Regional Investment Bank

Egypt’s EFG Hermes has signed an agreement with Qatar’s Qinvest first announced in March to create a region-wide investment bank, Reuters has reported. According to the deal, Qinvest is to control 60% of the new bank, which will be called EFG Hermes Qatar, and provide $250m to increase its capital, while EFG-Hermes will control the remaining 40% and have the right to sell its shareholding to Qinvest at any time after 12 months but before 36 months from the signing for EGP1bn ($165.4m).