Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) opened its new branch in Pakistan after completing the acquisition of a 51% stake in Pakistan’s Invest Finance Securities Limited (IFSL).

The new company will operate under the name of EFG Hermes Pakistan.

The opening coincides with Pakistan’s reclassification to the MSCI Emerging Markets (EM) Index as the Pakistani market will represent 0.15% of the MSCI EM Index, a statement to the stock market said on Tuesday.

EFG Hermes became the first foreign investment bank and brokerage firm to enter the Pakistani market since 2008.