EFG Hermes eyes Turkey Iraq Libya after sealing JV

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“This deal brings a partner with similar ambitions and deep pockets, and will enable us to penetrate new markets,” Siddiqui told Reuters in an interview in London.

Based in Cairo, EFG Hermes is expected to benefit from QInvest’s strong relationships with Qatar’s sovereign wealth funds, who are active investors across a range of sectors globally, including financials, telecoms and property.

“It does give us access to some of the largest and most active sovereign wealth funds, and we can show them opportunities on almost a weekly basis,” said Karim Awad, head of investment banking at EFG Hermes, who will run the joint venture with Siddiqui.

The co-CEOs said the tie-up with QInvest - a much smaller investment bank only set up in 2007 - would also bring more expertise in Islamic finance.

EFG is one of several investment banks attempting to become regional powers, rather than take on the likes of Goldman Sachs on a global basis. They include Brazil’s BTG Pactual in Latin America and VTB Capital in Russia.

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