The takeover of EFG-Hermes Holding SAE (HRHO), Egypt’s biggest investment bank, by Qatar’s QInvest LLC is mired in delays almost a year after the transaction was agreed.
The deal is set to expire on May 4 unless it receives a so- called no objection from Egypt’s regulator on the transfer of its assets to Qatar, Hanzada Nessim, investor-relations manager at Cairo-based EFG-Hermes, said yesterday by telephone. The regulator hasn’t given a date for a decision, with the May deadline being a year since the transaction was announced.
QInvest, a unit of Qatar Islamic Bank (QIBK), and EFG-Hermes plan to create an investment bank with operations in the Middle East, Africa and Turkey, as well as southern and southeastern Asia. The takeover would include EFG’s main investment-banking, asset- management and brokerage businesses, and exclude its private- equity business and Credit Libanais SAL unit.
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