* Five managers leave following departure of CEO
* JV with EFG Hermes not yet approved by Egypt's regulator
DOHA Nov 27 Five senior managers at QInvest,
the Qatari investment bank forming a joint venture with Egypt's
EFG-Hermes, have left the firm following the departure
of its former chief executive last week, QInvest said in a
statement on Tuesday.
The heads of investment banking, financial institutions and
structured finance, placement and wealth management, corporate
services and risk management and compliance are no longer with
the company, a spokesman said.
Last week QInvest said it had appointed Tamim al-Kawari as
its chief executive officer, replacing Shahzad Shahbaz. Kawari
was previously QInvest's deputy CEO and before that served as
Goldman Sachs' country head for Qatar.
Last month, QInvest completed a deal with EFG Hermes where
the Egyptian investment bank would hive off its investment
banking business to create a joint venture in which the Qatari
bank would control 60 per cent.
"The thinking was that the EFG guys would come in and with
their experience handle most of the divisions but the deal is
yet to get clearance from the Egypt regulator and given the
political situation there, things may turn tricky," a senior
banking source said, declining to be identified.
"The deal, as such, makes perfect sense. EFG has the
expertise, experience and reach, while Qatar has the capital.
It's a great combination to have."
(Reporting By Regan Doherty and Dinesh Nair; Editing by Louise