Qatar has brokered a nifty exit for investors in Egypt's EFG Hermes.
State-backed QInvest has agreed a deal that will allow the Gulf entity to cherry-pick key assets of one of the Middle East'slargest investment banks. The joint venture looks like an elegant way to salvage value from a bank tainted in the aftermath of Egypt's revolution.
A joint venture, to be 60 percent owned by QInvest, will hold the Egyptian banks core businesses: asset management, research, brokerage and investment banking. Once the deal closes EFG shareholders will get a one-off dividend payout worth one third of EFG's current $1.1 billion market capitalisation.
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