Egyptian investment bank EFG-Hermes has said its joint venture with QInvest is being delayed due to a lack of government approvals in "some Arab countries."
EFG and Qatar's QInvest were planning to begin a joint venture in EFG's investment banking business by the end of 2012. State-backed QInvest was planned to hold a 60 per cent stake in the venture.
"We are currently in the process of completing [government] approvals to finalise the deal in the near future," EFG said in a statement to Egypt's stock exchange on Sunday.
On 2 June 2012, EFG shareholders approved the deal making it legally binding and only reversible through legal action.
EFG shares on the Egyptian stock exchange fell 1.58 per cent by 1pm on Sunday to sit at LE10.57 per share.