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Al-Ahram Weekly 11 - 17 March 1999 Issue No. 420 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 11 - 17 March 1999 Issue No. 420
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Culture Focus Special Features Travel Sports People Time Out Chronicles Cartoons Letters Heavyweight merger
By Tarek AtiaFLEMINGS, the British investment banking and brokerage house and its Egyptian partner Mansour Group, have merged their investment banking operations in Egypt with the Commercial International Investment Company (CIIC).
The new joint venture, Flemings-CIIC, will be based in Cairo and plans to expand its activities to the Near East and throughout North Africa. Flemings and CIIC have a 50-50 stake in the new venture, which has an estimated capital of LE300 million.
"We believe that there is immense potential in Egypt and are delighted to be working with strong and enthusiastic local partners to realise it," said Flemings' chief executive William Garrett. "We are confident that Flemings-CIIC will be well positioned to play a key role in the development of both the capital markets and the asset management industry throughout the region," he added. The new venture will have an approximately 16 per cent share of the market.
According to the terms of the deal, Flemings Mansour, the joint-venture brokerage house affiliated to Flemings, will merge its activities with those of Intercapital Securities, CIIC's brokerage arm.
The activities of the new venture will include asset management, comprising portfolio and fund management and brokerage and corporate finance. This puts it on an equal footing with Egypt's largest investment banking house, EFG-Hermes.
CIIC, the investment banking arm of Egypt's leading private sector bank Commercial International Bank (CIB), was set up in 1994 and established itself as a key player in the field. It advised on Egypt's first private placement, its first Global Depository Receipts (GDRs) offering and its first private sector Initial public Offering (IPO).
