EFG-Hermes buys stake in Cameron 'family firm'

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SQUARE MILE: Panmure Gordon was founded in London (pictured) in 1876. (Getty Images)

Investment bank EFG-Hermes said on Monday it had agreed to buy a 9.97 percent stake in UK stockbroker Panmure Gordon for 3.16 million sterling ($5.97 million) in cash.

Egypt’s largest investment bank by market capitalisation will acquire 6,732,675 shares in the company at 47 pence per share.

"The markets we operate in are becoming more international and the opportunities available through a business relationship with EFG-Hermes are compelling," Panmure Gordon chairman Tony Caplin said.

"The ability to access EFG-Hermes' clients for our UK and US research and investment banking products is exciting and will give us a major competitive advantage."

Hassan Heikal, chief executive of EFG-Hermes, said that the deal was further testament to the growing importance of the region’s markets on the global investment stage.

Founded in 1876, Panmure Gordon is an independent mid-cap investment bank based in London. Including its US franchise, it has 280 employees in the US, the UK and Switzerland.

Both the father, grandfather and great-grandfather of UK Conservative opposition leader David Cameron were connected professionally to Panmure Gordon.

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