CAIRO Oct 4 Beltone Financial,
Egypt's largest asset manager, said on Tuesday it had acquired
60 percent of New York-based brokerage firm Auerbach Grayson &
Beltone has 30 billion Egyptian pounds ($3.38 billion) in
assets under management and has executed over 100 billion pounds
in M&A and capital markets transactions. It was acquired by
billionaire businessman Naguib Sawiris's Orascom Telecom Media
and Technology in 2015.
"The Auerbach Grayson acquisition is a natural extension for
our businesses and is the first step in our strategy to create a
major Middle East-based global investment bank," said Sawiris.
After the OTMT takeover, Beltone tried to buy investment
bank CI Capital from Egypt's largest listed bank, Commercial
International Bank (CIB), but the deal fell through
when it failed to win regulatory approval.
Sawiris said at the time he planned to merge CI Capital with
Beltone Financial to create one of Egypt's largest investment
firms. He said in March the deal was being held up by national
security concerns and criticised the state for meddling in
business, saying this would discourage investors.
($1 = 8.8799 Egyptian pounds)
(Reporting by Ahmed Aboulenein; Editing by Mark Potter)