EFG Hermes to Set Foot in Insurance, Mortgage Sectors

EFG Hermes to Set Foot in Insurance, Mortgage Sectors

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.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register