EFG Hermes Eyes Expansion into Iraq

By John Lee.

Egyptian investment bank EFG Hermes is planning to expand into Turkey, Iraq and Libya, according to a report from Reuters.

The company also plans to grow its asset management arm by 50 percent after the completion of its joint venture with Qatar's QInvest.

QInvest will hold 60 per cent and EFG's holding company will own 40 per cent of the venture, which will be branded EFG Hermes.

Kashif Siddiqui, managing director and head of asset management at EFG Hermes, who will be co-CEO of the joint venture, said the JV aims to increase its assets under management from $3.4 billion now to about $5 billion within a couple of years.

The deal will create the biggest investment bank across the Middle East and North Africa (MENA) region and also pull in brokerage and asset management operations.

QInvest will inject $250 million into the venture.

(Source: Reuters)

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