EFG Hermes, QInvest eye possible tie-ups

Middle East investment banks EFG Hermes and QInvest say they are in talks aimed at merging of some of their operations.

The companies said in a joint statement on Monday they want to create an investment bank covering the Middle East and extending as far as Africa and Southeast Asia.

They didn't provide financial details or say when they expect to announce whether to proceed with a deal.

Cairo-based EFG Hermes says its private equity division will not be included in the negotiations. It is Egypt's largest investment bank.
 

QInvest is a privately held bank based in the Qatar.