By Ahmed Allam

Cairo – Mubasher: EFG-Hermes Holding launched a finance leasing subsidiary, EFG Hermes Leasing, with an initial capital of EGP 100 million, said CEO Karim Awad.

The finance lease activity is the first among a number of activities targeted by EFG-Hermes for the upcoming period, the top executive added, speaking in a press conference held Sunday.

Meanwhile, Wael Ziada, executive chairman of EFG Hermes Leasing, said the value of available finance portfolio amounts to around EGP 900 million.

He added that his company is in talks with nearly twelve banks to obtain facilities and credit lines, out of which ten banks showed readiness.

Ziada also said the company signed agreements with Bank Audi and QNB, while a third agreement is expected in a week.

Translated by Sayed Abdel Rahman