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EFG Hermes Holding SAE Approves Strategic Alliance With Qatar Islamic Bank SAQ Subsidiary; To Divest Several Subsidiaries; To Change Name
EFG Hermes Holding SAE announced that its shareholders has approved to establish strategic alliance with QInvest LLC, which is a subsidiary of Qatar Islamic Bank SAQ, through establishing a new joint venture company in Qatar under the name EFG Hermes Qatar LLC, to be 60% owned by QInvest LLC and 40% owned by EFG Hermes Holding SAE. Furthermore, EFG Hermes Holding SAE has approved the sale of its entire stake, held directly and indirectly, in its respective subsidiaries operating in the Securities Brokerage, Research, Asset Management, Investment Banking, and Infrastructure Fund businesses to EFG Hermes Qatar LLC in consideration for USD 250 million. EFG Hermes Holding SAE shareholders also approved the transfer of the equivalent of 60% of the total seed capital injected by EFG Hermes into a number of its managed funds to QInvest LLC. Pursuant to the terms of the transaction, EFG Hermes Holding SAE will transfer the "EFG Hermes" trademark to EFG Hermes Qatar LLC, effective within a year of the transfer of ownership of the subsidiaries to EFG Hermes Qatar LLC; and approved in principle the amendment of EFG Hermes Holding SAE name to become Egyptian Financial Group.
Latest Developments for Egyptian Financial Group Hermes Holding Co SAE
- Egyptian Financial Group Hermes Holding Co SAE and Qatar Islamic Bank SAQ Subsidiary QInvest LLC Confirm Expiration of Joint Venture Agreement
- EFG Hermes Holding SAE Taking Legal Action to Protect Firm and Shareholders
- Planet IB Limited Interested to Place Tender Offer to Acquire 100% of EFG Hermes Holding SAE
- EFG Hermes Holding SAE Enters into Definitive Strategic Partnership Agreement with QInvest to Create Investment Banking Unit
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