Al Ahly Capital Holding Company, the investment arm of the National Bank of Egypt, has signed an agreement to acquire Pharos Securities Brokerage among its plan to expand non-banking services. Pharos is one of Egypt's largest financial institutions, providing investment banking, asset management, securities brokerage, and book-keeping services. The company, founded in 2005, is 70 percent-owned by the Taymour family, 20 percent by Sheikh Abdulla Al-Rajhy, and 10 percent by employees. The acquisition comes within the framework of NBE's plan to establish an integrated investment bank through the National Capital Holding Company, and to expand in non-bank financial services in an effort to attract more foreign investments to the Egyptian market according to Hisham Okasha its Chairman.
