Egypt regulator to decide next week on EFG, QInvest tie-up
CAIRO, Oct 10 (Reuters) - Egypt's financial regulator said on Wednesday it would decide next week on whether to approve plans by Egypt's biggest investment bank EFG-Hermes to tie up with Qatar's QInvest.
EFG-Hermes and QInvest sealed the agreement in May to hive off EFG-Hermes's investment banking business in a joint venture in which state-backed QInvest would hold a 60 percent stake.
"We will take our decision next week," Ashraf el-Sharkawy, chairman of the Egyptian Financial Supervisory Authority (EFSA), told Reuters, when asked if EFSA would approve the plan by EFG-Hermes and Qinvest for an investment bank.
He did not give further details.
In September, Shareholders in EFG-Hermes reaffirmed their approval of the tie-up after demands by the regulator for more details were met. EFSA had rejected decisions approved by shareholders in June because the firm had not clarified points including minority rights.
(Writing by Edmund Blair; Editing by Helen Massy-Beresford)
((firstname.lastname@example.org)(+20 2 2578 3290)(Reuters Messaging: email@example.com))
Keywords: EFGHERMES QINVEST/