Cairo - Mubasher: Beltone Financial Holding announced on Tuesday it had acquired 60% of Auerbach Grayson, according to a bourse filing.

The New York-based brokerage firm is operating in 120 countries around the globe, according to Beltone’s statement.

"The Auerbach Grayson acquisition is a natural extension for our businesses and is the first step in our strategy to create a major Middle East-based global investment bank," said Egyptian billionaire Naguib Sawiris.

Beltone previously approved the fair value study to acquire 60% of Auerbach Grayson for $24 million.