Dubai: EFG-Hermes Holding SAE, the largest independent Arab investment bank, plans to open a New York office to serve institutional clients in the US as links end with Auerbach Grayson & Co in the country. The bank is seeking regulatory approval for the office and hired Karim Baghdady to be chief executive officer of EFG-Hermes USA, according to an emailed statement sent Tuesday. The new office will serve US clients seeking access to markets in the Middle East and North Africa and other frontier markets, the bank said, adding that ties with Auerbach — a brokerage which specialises in foreign stocks — have ended with immediate effect.