EFG Hermes to open up further over Qatar deal

AP News
Posted: Jul 26, 2012 9:36 AM
EFG Hermes to open up further over Qatar deal

DUBAI, United Arab Emirates (AP) — Egyptian bank EFG Hermes says the country's financial regulator is requiring it to provide additional information to shareholders before it signs off on a deal for the lender to combine some operations with Qatar's QInvest.

The companies agreed in May to merge some of their businesses. They aim to create a joint investment bank meant to service the Arab world and beyond. QInvest will hold a 60 percent stake in the new company initially.

EFG Hermes said Thursday it expects to call a shareholder meeting soon to provide investors with information requested by the Egyptian Financial Supervisory Authority.

The bank says it is confident it can still complete the deal in the third quarter of this year.