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Posted On: 7 April 2013 02:39 pm
Updated On: 12 November 2020 02:12 pm

EFG Hermes says QInvest deal still not approved

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EFG Hermes, the Middle East's top investment bank, said on Sunday it was still waiting for approval from Egyptian regulators for a deal with Qatari investment company QInvest, which lapses on May 3 unless cleared by then. EFG said in a statement it had received regulatory approval in various countries for the deal, under which it would initially inject its core business into a joint venture 60 percent controlled by QInvest. "If EFG does not receive a 'no objection' from the (Egyptian Financial Supervisory) Authority in the coming days, it will be difficult to implement the joint venture agreement," the Egyptian company said.