EFG Hermes Holding has completed its transformation into an Egyptian universal bank with a market-leading frontier emerging markets (FEM) investment banking platform.
The news comes as the firm has finalised its acquisition of a 51 percent stake in the Arab Investment Bank (aiBANK), marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector.
The transaction will see EFG Hermes Holding assume control of aiBANK, with TSFE Financial Services & Fintech Subfund, fully owned by the Sovereign Fund of Egypt, EFG Hermes Holding’s partner, acquiring a 25 percent stake.
“The closing of this landmark transaction with our esteemed partner TSFE will drive the transformation of our Egyptian operations into a universal bank with an investment bank, a commercial bank and a fast-growing Non-Bank Financial Institutions (NBFI) platform, ensuring that we can provide a holistic set of financial products and services to both retail and corporate clients alike in our home market,” said EFG Hermes Holding’s group CEO, Karim Awad.
“Our efforts to geographically diversify our business means that we are now present in 13 countries with the ability to offer financial services to more than one billion people living and doing business in some of the world’s fastest-growing markets.”
Over the past few years, EFG Hermes Holding has transformed itself from a pure play MENA investment bank into an Egyptian universal bank with a market-leading frontier emerging markets (FEM) investment banking platform that is home to super brands.
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