Egypt-based investment bank EFG Hermes recorded a rise in its shares on Monday following the announcement of an agreement with QInvest, the largest investment bank in Qatar, to form a region-wide investment bank.

Doha-based QInvest will hold 60 percent stake of the new bank, which will be called EFG Hermes Qatar while EFG-Hermes will control the remaining 40 percent in the new venture. QInvest will also provide $250 million to increase its capital.

EFG Hermes will also have the right to sell its shareholding for £1 billion pounds ($1.6 billion) to QInvest at any time after 12 months but before 36 months from the signing.

The company’s stock was the most heavily traded in  the early part of the session. Monday was the first day of trading since the deal was announced, after the stock was suspended on Sunday.

EFG have also  recommended a four pounds  ($6.5) per share dividends to shareholders.