It was a difficult 12 months for EFG-Hermes, the leading investment bank in the Middle East, now in the teeth of a financial storm that is the subject of an unsolicited takeover battle.
The Bank, in Cairo, founded in 1984 is based, has seen its market value fall sharply since the crisis of the uprising last year in Egypt. The shares have lost more than a third of its value last year, giving it a market capitalization of $ 850 million (Dh3.1 billion €).
A shadow has still kept on the bench by his association with Jamal Mubarak
Hermes Birkin Handbags, son of the deposed president of Egypt, the interest in its private equity business poured.
Last week, the two co-heads EFG, Hassan Heikal and Yasser Al Mallawany, charged with insider trading alongside Jamal and his brother Alaa Mubarak.
But the bank, of which the largest shareholder Dubai Financial Group with a share of 18.5 percent and Financial Authority of Abu Dhabi to 9.8 percent, moved quickly to deny any wrongdoing and expressed confidence that his co-chairs.
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Despite recent difficulties, say analysts at EFG-Hermes, a well-run company with great expertise in his field. They emphasize the struggle for control of the bank as a sign of confidence in its future.
Indebtedness
"This is a good franchise with a good team of people," says Aybek Islamov, an analyst at HSBC. "EFG proven time and again that they are professionals and able to trade and labor were to bring together international banks and have an expertise equal to the market. I do not see any indebtedness or risky investments in its balance sheet."
EFG shareholders last week approved a joint venture agreement with Qinvest in which the investment group from Qatar $ 250 million in exchange for control of the bank will inject. The agreement would leave in EFG in the exclusive control of its private equity arm and its 60 percent stake in Credit Libanais, a lender based in Beirut.
But EFG was also the fight against this could turn out to Egypt, the first hostile takeover.
IB planet, a group of nascent redemption of Arab and Egyptian investors supported a competing offer is announced to the evaluation of the group at about 1 billion dollars and has the regulatory authority to enable them to carry out due diligence.
Planet IB says that the Egyptian telecoms tycoon Najeeb Sawiris, EFG is supported, but insists he gave up.
"We think there is much in an agile, nimble, fast earning investment banking market in the Middle East if the activity has taken in 18 to 36 months back," said Ahmad Al Hussaini, Chief Executive Planet IB.
Planet offer IB was dismissed as not serious by EFG. Independent analysts say that the offer was no evidence of the availability of funds and information about the identity of the investors.
Private investors
But Al Hussaini, who says his candidacy is supported by private investors from the Gulf, including Abu Dhabi, Saudi Arabia and Bahrain, the fees that the management of EFG is wrong "delete the competition."
Based Qinvest, an investment bank in Doha, has the potential to grow with EFG merger an opportunity to move from a national to a regional player.
"It's a marriage of convenience," says one banker in the Gulf region. "The Qataris to yoke themselves to the shores of the largest regional investment, while EFG can develop in the Gulf region and try to forget his worries Egyptians."
Qinvest, Qatar Islamic Bank-owned part, chaired by Jasem Bin Hamad Al Thani, the son of the Prime Minister of the country, a prominent businessman, who play an important role in directing the investment strategy played in the country.
"There was a limit to their formation capacity beyond its president," said the banker. "Connect with EFG is this ability to expand." Qinvest, who has hired a phalanx of well-paid investment bankers would, by the ability to execute and record profit of EFG-Hermes, he adds.
Brokering
EFG, meanwhile, has long tried to break into the Gulf from its Egyptian soil, but bankers say their franchise failed to prosper over the UAE brokerage firm.
The bank was established in Cairo in 1996 by the merger of Egyptian Financial Group, founded in 1984, and Hermes, a member of two bankers on Wall Street trained Egyptian formed. Heikal, one of the current Bank co-CEO, is a veteran who has worked for Goldman Sachs in the highest EFG.
"I think that there will be immediate synergies," said Islamov at HSBC. "Qinvest is in possession of Qatar Islamic Bank, so that it would be more cross-selling in Qatar, and as a regional investment banking services high net worth individuals, EFG could reach more people with high net worth individuals in Qatar."
Given the lack of equity markets and mergers in the United Arab Emirates, EFG can try to expand across the Gulf over the fast-growing market of Qatar, and in tandem with the deep pockets of Qinvest.
"They are the largest independent investment bank around, then we can bring in great contacts Qatar," said an official at the thought Qinvest.