CAIRO, Oct 11 (Reuters) - EFG-Hermes Chairwoman MonaZulficar said on Thursday that the firm expects Egypt'sfinancial regulator to approve the creation of an investmentbank with QInvest next week.
"I expect regulatory approval early next week from EFSA andthat this will signal start of procedures to implement the jointventure agreement with QInvest and create the most importantinvestment bank in the region," Zulficar said in an emailedstatement.
EFG-Hermes and QInvest sealed the agreement in May to hiveoff EFG-Hermes's investment banking business in a joint venturein which state-backed QInvest would hold a 60 percent stake.
In September, shareholders in EFG-Hermes reaffirmed theirapproval of the tie-up after demands by the regulator for moredetails were met. EFSA had rejected decisions approved byshareholders in June because the firm had not clarified pointsincluding minority rights.
(Writing by Marwa Awad)
((Marwa.Awad@thomsonreuters.com))
Keywords: EGYPT EFG/QINVEST