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QInvest Reorganizes After EFG-Hermes Deal Fails

Published: 17/10/2013 07:24:13 AM GMT
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QInvest LLC is reorganizing its business into investment banking, principal investments and asset management units five months after the Qatari invest (more)

QInvest LLC is reorganizing its business into investment banking, principal investments and asset management units five months after the Qatari investment bank's failed merger attempt with EFG-Hermes Holding SAE. (EFGD)

The changes were made "to focus the business on its core product and service offers," QInvest, a Doha-based Sharia-compliant investment bank, said today in an e-mailed release. The bank also said it will work more closely with its biggest shareholder, Qatar Islamic Bank, "to access its unique market presence and network as well as its strong balance sheet."

A planned merger with Egyptian investment bank EFG-Hermes collapsed in May after the deal, which would have created the biggest Arab investment bank, didn't get regulatory approval from Egyptian authorities. QInvest didn't disclose which businesses would be discontinued or whether there would be job losses because of the changes announced today.


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