Egypt’s investment bank EFG Hermes is planning to expand by adding insurance and mortgage lending to its services after getting regulatory approval, while also seeking to set foot in a new market in Asia or Africa within a year, Reuters reports.

“We will study the practices [of non-banking financial services] after obtaining the necessary regulatory permissions,” Karim Awad, CEO of the bank, told Reuters on November 26.

“In our view, non-banking financial activity will account for about 50% of the group’s profits by the end of 2021,” he added, anticipating these earnings to hit 30% by year-end.

According to the CEO, the investment bank has been expanding into non-banking services since 2015, which grew to about 20% of its profit in Q3 of 2018 versus 12% in the year-ago period.

Back in July, EFG Hermes announced the acquisition of the Nigerian broker Primera Africa, its second purchase in Africa following a Kenyan broker deal in July 2017.