Egypt's regulator has no objections to EFG Hermes' plan to create a jointly-owned investment bank with QInvest of Qatar, the bank said on Monday.
EFG Hermes and QInvest agreed in May to hive off EFG Hermes's investment banking business into a joint venture in which state-backed QInvest would hold a 60 percent stake.
EFG Hermes shareholders in September reaffirmed their approval of the tie-up after demands by the regulator for more details were met. EFSA had had rejected decisions approved by shareholders in June because the firm had not clarified points including minority rights.
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