EFG Hermes to expand in Turkey, Iraq, Libya

Egypt-based investment bank, EFG Hermes, is planning to expand into Turkey, Iraq and Libya, in addition to growing its asset management arm by 50% following the completion of its joint venture with Qatars QInvest.

By Verdict Staff

Verdict Staff

The managing director and head of asset management at EFG Hermes, Kashif Siddiqui, said that EFG Hermes’s tie-up with QInvest, which was announced in May 2012, will close by the end this month.

The joint venture, which will be branded EFG Hermes, will see QInvest holding 60% and EFG’s holding company holding 40% of the venture.

Siddiqui said that the enlarged business will aim to increase its AUM to about US$5 billion within a couple of years, from the current US$3.4 billion now.

Further, the company plans to expand with the help of US$250 million that QInvest is injecting into the venture.