Arqaam Capital announces agreement to purchase El Rashad Securities Brokerage
Sunday, January 8, 2012
Transaction will include a full Egyptian brokerage licence, providing Arqaam’s clients with access to the Egyptian market
Strong fundamentals of Egypt’s economy combined with anticipated post-recovery growth rates create a strong value proposition
Arqaam Capital (“Arqaam”), the emerging markets investment bank, announced today that it has reached an agreement with Al Rashad Holding Company to acquire up to 100 percent of El Rashad Securities Brokerage, S.A.E. (‘El Rashad’). The purchase agreement includes the business, operations and brokerage licence of El Rashad.
The acquisition will provide Arqaam’s institutional clients and high net worth individuals (HNWI) with access to the Egyptian market, while continuing to benefit from the high quality of advice and execution they have come to expect from Arqaam. There will be no interruption of service for El Rashad’s clients, who will gain access to the broader Arqaam network.
” At Arqaam, we are constantly looking for ways to enrich the services we provide our clients,” said Dennis Wijsmuller, Chief Operating Officer of Arqaam Capital. “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.”
“We have a positive view on Egypt in the medium and long-term,” added Tarek Lotfy, Managing Director of Capital Markets at Arqaam. “The Egyptian economy remains supported by strong fundamentals and we are committed to investing in and building a regional brokerage platform to ensure our clients can take advantage of the country’s growth and development.”
“We believe that Egypt will recover from its current political instability and therefore now is the right time to invest in the country” continued Mr. Lotfy.
The proposed transaction is subject to regulatory approvals, including consent from the Egyptian Financial Supervisory Authority (‘EFSA’).
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