CAIRO: Leading Egyptian investment bank EFG-Hermes announced on Wednesday plans to open a branch office in the Syrian capital. According to the bank, it is to launch a $250-$300 million private equity fund in the “untapped” Syrian market. “The recent reforms undertaken by the Syrian government to liberalize the economy and facilitate the business environment have made Syria a compelling investment opportunity,” the firm's Chief Executive Officer Hassan Heikal said in a statement from EFG-Hermes. “Having a direct presence in Syria was the next logical step for the firm as we continue to implement our regional expansion strategy,” he added. According to experts, the investment bank has sold its 28 percent stake in Lebanon's Bank Audi for a reported $913.4 million dollars. The sale occurred earlier this year after it had failed to increase its holding in the bank. It gave them more finances to make the Syria move, the company said. EFG-Hermes also said that it is awaiting final approval from Damascus to make the operation a reality. The move will see a partnership with Syrian businessman Firas Tlass, who will own 30 percent of the stake. Tlass will be the chairman of the Syrian unit, while EFG appointed Hazem Badran as CEO. Shares in EFG-Hermes, Egypt's largest listed investment bank, were trading 4.6 percent higher by midday Wednesday, while the main index was 1.4 percent higher. BM
