Egyptian investment bank Pioneers Holding signed an agreement to acquire 20 per cent of New York-based Concord International Investment Group for $24 million, the stock exchange said on Sunday.

Concord International Investment, an investment management company, manages directly and through its affiliates investment portfolios and mutual funds amounting to $2.3 billion worldwide, of which approximately $1.2 billion are invested in Egyptian equities, the group's website said.

Pioneers, which first traded on the Egyptian stock market in June, has brokerages in the Gulf and Morocco and said it made a consolidated net profit of EGP265.1 million ($49.3 million) in the first half of 2008.

Shares in the investment bank were trading 1 per cent higher at 17.65 pounds by 0902 GMT.-Reuters