British bank HSBC has acquired a stake of at least 5 percent in EFG Hermes, the Middle East's biggest home-grown investment bank, Egypt's stock exchange said on Tuesday.
Business at Cairo-based EFG was hit when a popular uprising ousted Egypt's president last year, throwing the country's economy into turmoil from which it has yet to recover.
EFG is folding its main investment banking business into a new joint venture with Qatar's QInvest, giving it more resources to expand operations across the region.
HSBC's purchase was disclosed in a regulatory filing with the Egyptian Exchange. It said HSBC paid an average of 10.15 Egyptian pounds ($1.68) per share for 32.3 million shares. EFG stock closed at 11.23 pounds on Tuesday.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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