Syria has given investment banking licences to a Syrian unit that EFG-Hermes is setting up, the Cairo-based investment bank said on Monday. The licences are for advisory and corporate finance, research, securities brokerage and asset management, the bank said in an emailed statement. They do not include underwriting. "EFG Hermes is currently establishing EFG Hermes Syria L.L.C. with a paid-in capital equivalent to five million dollars in order to begin operations on the Syrian market as soon as possible," the statement said. EFG said in early March it was opening a Syrian office and launching a US$250 to US$300 million private equity fund to take advantage of recent Syrian liberalisation measures. The bank sold its 28 percent stake in Lebanon's Bank Audi for US$913.4 million earlier this year after it failed to reach agreement on increasing its holding. EFG said the Syria operation would be a partnership with Syrian businessman Firas Tlass, who will own 30 percent. Another Egyptian investment bank, HC Securities and Investment, received a licence to operate in Syria in February, while Pioneers Holding set up a Syrian affiliate in 2007.
