Naguib Sawiris joins Auerbach Grayson board of directors

CAIRO – 23 February 2017: Auerbach Grayson & Co., a New York brokerage firm, reshuffled its board of directors to add several new members, including Egyptian billionaire Naguib Sawiris,

Daily News Egypt reported Thursday

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The addition of Sawiris to the board follows the June 2016 acquisition of a 51 percent stake in Auerbach Grayson by Sawiris’s Beltone Financial Holding,

Bloomberg reports

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The purchase will give Beltone, an Egyptian investment bank and asset manager, better access to U.S. markets “in addition to boosting our expansion plans in frontier markets,” Beltone Chairman Sameh El-Torgoman said in a statement Wednesday.

The deal could be related to Sawiris’ attempt to purchase the Commercial International Bank Egypt (CIB) investment-banking company CI Capital, which has been delayed by regulators, according to the Bloomberg report.

Also added to the board are Ayman Suleiman, board member of Beltone Financial Holding; Bassem Azab, CEO of Beltone Financial Holding; David Grayson, one of the founders of Auerbach Grayson; and Daniel Sigg, director at Laguna Trustees Limited.