Sawiris acquires majority stake in US brokerage firm

Conflict is escalating in Egypt’s financial market after asset management company Beltone Financial Holding, owned by billionaire Naguib Sawiris, signed an agreement to purchase a 51 per cent stake in the New York-based brokerage firm Auerbach Grayson & Co.

The acquisition is thought to further demonstrate Sawiris’ plan to rival EFG-Hermes which has close ties with the Egyptian authorities. Sawiris had previously attempted to purchase a 20 per cent stake in EFG-Hermes; however he failed in his endeavour.

Meanwhile, EFG-Hermes announced that Lebanon’s central bank approved the sale of its 40 per cent stake in Credit Libanais SAL, worth $310 million.