Egypt’s EFG-Hermes Opening New York Office as Auerbach Link Ends

EFG-Hermes Holding SAE, the largest independent Arab investment bank, plans to open a New York office to serve institutional clients in the U.S. as links end with Auerbach Grayson & Co. in the country.

The bank is seeking regulatory approval for the office and hired Karim Baghdady to be chief executive officer of EFG-Hermes USA, according to an e-mailed statement sent Tuesday. The new office will serve U.S. clients seeking access to markets in the Middle East and North Africa and other frontier markets, the bank said, adding that ties with Auerbach -- a brokerage which specializes in foreign stocks -- have ended with immediate effect.