EFG Hermes and QInvest confirm the termination of the JV agreement

  EFG Hermes, the leading investment bank in the Arab world, and QInvest, Qatar's leading investment bank, today announced that long stop date for the fulfillment of the conditions for their joint venture agreement had been reached without going received the necessary regulatory approvals from the Egyptian Financial Supervisory Authority (EFSA).
Is achieved due to the long stop date, the joint venture will be terminated automatically.

The parties have regulatory approvals in the area of ​​financial services available in other markets in which the joint venture was originally to use, including Qatar, the United Arab Emirates, Saudi Arabia and Jordan, among others.

EFG Hermes and fully equipped with all authorities cooperated QInvest met all their needs and exercised the greatest care in the treatment of applications to the regulatory authorities on time and complete.

Both institutions welcome the creation of separate value for its shareholders and remain open for the future, to use on their complementary strengths, to pursue all appropriate business opportunities in a less structured environment.