Dubai based emerging market investment bank Arqaam Capital has agreed to purchase 100% of Egypt’s El Rashad Securities Brokerage for an undisclosed sum, in an effort to boost its presence in the region.
Following the completion of the transaction, the bank will take over Rashad’s business, operations and brokerage license to offer its institutional clients and high net worth individuals (HNWI) with access to the Egyptian market.
Arqaam Capital chief operating officer Dennis Wijsmuller said, "Acquiring a brokerage platform in Egypt is an important extension of our strategy to provide our clients with seamless service and execution capabilities across the MENA region and emerging markets."
The deal is expected to complete in the fourth quarter of 2012, after obtaining regulatory approvals, including consent from the Egyptian Financial Supervisory Authority (EFSA).
Rashad was established in February 2012 to support institutions, businesses, governments and NGOs to plan, manage and execute development projects.
Headquartered in the Dubai International Financial Centre (DIFC), the bank operates its offices in Dubai, Beirut, London and Cairo.
The company has seven business lines including corporate finance, asset management, cash equity, credit trading, equity derivatives, treasury and custody.