Some 9.97 per cent, or 6.7 million shares, of Panmure Gordon will be sold to EFG-Hermes, Egypt's largest investment bank in terms of market value, at a price of 47 pence per share.
Welcoming the development, Tony Caplin, Panmure Gordon Chairman, commented: "The markets we operate in are becoming more international and the opportunities available through a business relationship with EFG-Hermes are compelling.
He also said the purchase will allow the bank to access clients in the Middle East and create new business streams, while EFG-Hermes will benefit from increased penetration of the UK and European markets.
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Hassan Heikal, Chief Executive officer of EFG-Hermes, added that the partnership could "drive very real benefits for our respective clients".
The markets we operate in are becoming more international
Tony Caplin
Chairman
Panmure Gordon
Earlier this year, Panmure Gordon rebranded ThinkEquity Partners LLC, its US subsidiary, as ThinkPanmure LLC to strengthen its reputation in transatlantic equity markets.
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