In a deal worth KD33.4m ($124.4m), EFG Hermes is taking a 50 per cent stake and management control of Gulf Financial Brokerage Company, which is based in Kuwait.

Hermes says it made the acquisition to acquire a brokerage licence in Kuwait as no new licences were being issued.

At the same time, EFG Hermes is acquiring a 9.06 per cent stake in UK investment bank Panmure Gordon for $3m.

Hermes aims to target the UK bank’s clients in the UK and US with its investment products, in addition to giving its existing clients access to Panmure Gordon’s investment products.