Bloomberg’s Tarek El-Tablawy and Tamim Elyan describe Beltone’s move to buy 51% of New York-based Auerbach Grayson as Naguib Sawiris “swooping” in to step up “efforts to create one of the largest financial advisory firms in Egypt.” The acquisition “comes as a surprise to us as CI Capital, which they are seeking to acquire, already has a foreign institutional platform,” Allen Sandeep, the Cairo-based director of research at Naeem Holding, said in a phone interview.

Beltone plans to expand into emerging markets in sub-Saharan Africa and Eastern Europe as well as Asia and Latin America, chairman Sameh El-Torgoman told Daily News Egypt. Beltone is also in acquisition talks with two asset management companies specialised in emerging markets (one in the US and one in Europe), he said. “Acquisition of a controlling stake of either company will achieve the goal of integration sought by Beltone through the acquisition of Auerbach Grayson, as well as the coverage of Beltone in Middle East markets through its headquarters in Egypt and Dubai,” he added.

Meanwhile, CI Capital has two IPOs and 10 M&A transactions in its pipeline for potential execution in 2016, head of investment banking Hesham Gohar told Al Borsa. The bank will not achieve the highs it reached in 2015, which Gohar says was CI Capital’s best-ever year, but will come close. Gohar says the market interest is now focused on defensive sectors, particularly food, medicine, and education. Beltone is waiting for regulatory approval to conclude its c. EGP 900 mn acquisition of CI Capital from CIB.