Business | Banking

QInvest buys UK banking firm stake

Qatar's largest investment bank QInvest has acquired a 44-per-cent stake in the UK institutional brokerage and investment banking firm Panmure Gordon.

  • By Rachna Uppal, Staff Report
  • Published: 23:46 May 24, 2009
  • Gulf News

Dubai: Qatar's largest investment bank QInvest has acquired a 44-per-cent stake in the UK institutional brokerage and investment banking firm Panmure Gordon.

It will become the largest shareholder in the company. Egypt based investment bank EFG Hermes is another regional shareholder, with a 9.6 per cent stake. According to Tony Caplin, chairman of the board of directors at Panmure Gordon, the deal will open up key opportunities in the Gulf region for the company.

"Following the detailed review and after consultation with major shareholders, I am pleased to announce that the Board has selected the proposal put forward by QInvest on the basis of their shared vision for the Company's future, the exceptional contacts they provide in the Middle East, and their outstanding potential to drive new revenues through Panmure Gordon for the benefit of all the firm's stakeholders," Caplain said

QInvest paid 34 pence a share for its stake in a placing of 67.1 million shares. The bank is licensed by the Qatar Financial Centre Authority and regulated by the Qatar Financial Centre Regulatory Authority. It has authorised capital of $1 billion (Dh3.67 billion) and paid up capital of $500 million.

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