Egyptian investment bank EFG Hermes aims to expand into Turkey, Iraq and Libya and plans to grow its asset management arm by 50 percent after the completion of its joint venture with Qatar's QInvest, it said on Friday.
EFG Hermes announced its tie-up with QInvest in May and the deal should close this month, said Kashif Siddiqui, managing director and head of asset management at EFG Hermes, who will be co-CEO of the joint venture.
QInvest will hold 60 percent and EFG's holding company will own 40 percent of the venture, which will be branded EFG Hermes.
The enlarged business will aim to increase its assets under management to about $5 billion within a couple of years, from $3.4 billion now, Siddiqui said.
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