Egyptian bank shareholders OK deal with QInvest

Associated Press SHARE

DUBAI, United Arab Emirates (AP) — Egyptian bank EFG Hermes says a majority of shareholders have voted in favor of a deal to merge some of the lender's operations with Qatar's QInvest.

Sunday's vote moves closer to completion a deal that aims to create an investment bank serving the Arab world and beyond.

The companies agreed in May to merge some of their businesses. Egypt's financial regulator later ordered EFG Hermes to provide additional information to shareholders before it would approve the deal.

QInvest will hold a 60 percent stake in the new company initially if regulators ultimately approve the deal.

EFG Hermes is Egypt's largest investment bank. Its shareholders include the Abu Dhabi Investment Authority, Dubai Financial Group and HSBC. QInvest is a privately held bank based in the energy-rich Gulf state of Qatar.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.