CEO of Egypt investment bank EFG-Hermes 'banned from travelling'

Markets Update: Egypt's EFG-Hermes, the largest publicly traded investment bank in the North African country, had its chief executive held at Cairo International Airport yesterday on his way to the Emirates.

Egypt's EFG-Hermes had its chief executive held at Cairo International Airport yesterday on his way to the Emirates.

EFG-Hermes, Egypt's biggest publicly traded investment bank, said its chief executive was held at Cairo airport yesterday on a visit to the UAE.

EFG-Hermes "learnt yesterday that Mr Yasser El Mallawany, the chief executive officer of the company was banned from travelling," the investment bank said in a filing on the London Stock Exchange without elaborating further.

The bank said it will update investors as it receives more information.

Gamal Mubarak, the son of former president Hosni Mubarak, owns an 18 per cent of the lender's subsidiary EFG-Hermes Private Equity.

Mr El Mallawany has travelled numerous times after the revolution that ousted former president Hosni Mubarak without any 'difficulty', an employee said.

Egypt's stock-market declined at the open. EFG-Hermes' shares slumped 5.7 per cent to trade at 10.87 pounds. Egypt's benchmark index lost 1.4 per cent to 4516.44 points. The EGX 30 Index has lost 60 per cent since the start of the revolution that ousted former president Hosni Mubarak.