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HSBC buys at least 5 pct of EFG-Hermes: Stock exchange
Banking giant is scooping up a new stake in Middle East's largest home-grown investment institution, according to a bourse announcement
Reuters Published in Ahram Online on 04 - 07 - 2012

British bank HSBC has acquired a stake of at least 5 per cent in EFG-Hermes, the Middle East's biggest home-grown investment bank, Egypt's stock exchange said on Tuesday.
Business at Cairo-based EFG was hit when a popular uprising ousted Egypt's president last year, throwing the country's economy into turmoil from which it has yet to recover.
HSBC's purchase was disclosed in a regulatory filing with the Egyptian Exchange. It said HSBC paid an average of LE10.15 ($1.68) per share for 32.3 million shares. EFG stock closed at LE11.23 on Tuesday.
EFG is folding its main investment banking business into a new joint venture with Qatar's QInvest, giving it more resources to expand operations across the region.
In the terms of a deal announced in early May, Qinvest will control 60 per cent of the new bank, which will be called EFG Hermes Qatar, and provide $250 million to increase its capital.
EFG-Hermes will control the remaining 40 per cent and have the right to sell its shareholding to QInvest at any time after 12 months but before 36 months from the signing for LE1 billion ($165.4 million).
The alliance has "the aim of creating a leading investment bank with operations in the Arab world and beyond, comprehensively covering the Middle East, Africa, Turkey and South and South East Asia," EFG Hermes has stated.

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