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EFG Hermes to raise non-financial services to 50% by 2020-2021

EFG Hermes to raise non-financial services to 50% by 2020-2021
Non-financial services will be accounted for more than 10% of the company’s 2017 profits
EFG Holding
HRHO
-2.49% 17.65 -0.45

Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) is expected to boost non-financial services to 50% within 2020-2021, CEO Karim Awad said on Sunday.

Awad noted that non-financial services will be accounted for more than 10% of the company’s 2017 profits, according to Reuters.

The bank is forecast to offer factoring services in the first quarter of 2018, he indicated, pointing out that these services include insurance, real estate funding, leasing and factoring.

“We see that the Egyptian market is the biggest one that investors can make profit in throughout the coming period,” Awad continued.

Furthermore, EFG Hermes aims at foraying into the Nigerian market in 2018 by offering brokerage services, Co-CEO of the Investment Bank Platform Mohamed Ebeid said.

Moreover, the bank, which is one of the major investment banks in the Middle East, has held six initial public offerings (IPOs) and four secondary public offerings (SPOs) worth $2.9 billion in 2017 across the Arab region, Mostafa Gad, who is in charge of IPOs and listings at EFG Hermes highlighted.

EFG Hermes is expected to manage three IPOs in Egypt and one or two IPOs in the UAE in 2018, Gad added.