Shareholders of EFG-Hermes Holding SAE (HRHO) voted in favor of creating an investment bank in which QInvest LLC, a unit of Qatar Islamic Bank (QIBK), will own 60 percent.
The vote was confirmed by Doha-based QInvest Chief Executive Officer Shahzad Shahbaz who said by phone today the agreement will still requires regulatory approval. EFG-Hermes shareholders approved the deal at a meeting today, two people with knowledge of the vote had said earlier, asking not to be identified because the decision hasn’t been made public. A representative at EFG-Hermes’ media department declined to immediately comment when contacted via e-mail.
QInvest will invest $250 million in the joint venture, which will will exclude EFG-Hermes’ private equity business and its stake in Lebanese commercial bank Credit Libanais SAL, the two companies said last month. EFG-Hermes has a market value of about 5.24 billion Egyptian pounds ($868 million.).
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