EFG Hermes, QInvest Look to Create Strategic Alliance

Doha, March 27 (QNA) - EFG Hermes Holding S.A.E and QInvest announced that they have agreed to explore a potential strategic alliance. The aim is to create 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, Qatar Exchange website reported today. Both institutions will immediately begin assessing potential synergies and proceed with discussions, following which an announcement as to whether an agreement has been reached or not will be made. In the case of an agreement, the parties will announce the general framework of a joint venture and a timetable for its implementation, subject to the appropriate regulatory approvals. The businesses included within the scope of discussions will be Securities Brokerage, Asset Management and Investment Banking. EFG Hermes Private Equity will be excluded from the scope of discussions. QIB played a key role in establishing Qinvest and holds a 47% stake in the company. QInvest was licensed by the Qatar Financial Centre Authority in April 2007 and is authorised by the Qatar Financial Centre Regulatory Authority. The firm has authorized capital of USD 1 billion and paid up capital of USD 750 million. (QNA)