EGF Hermes takes control of Kuwaiti brokerage

18 August 2008
EFG Hermes is expanding into Kuwait and the UK on the back of two new deals .

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.

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