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EFG Hermes open to expansion in Africa, Asia and Europe: CEO - Daily News Egypt

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EFG Hermes open to expansion in Africa, Asia and Europe: CEO

EFG Hermes aims to support the company's growth in light of the government's commitment to supporting this vital sector, Awad said


 

CEO of EFG Hermes Karim Awad revealed that the company is targeting new markets for the first time, however refusing to disclose which markets they are targeting for reasons related to competition.

He nonetheless pointed out that the company is open to such opportunities in Africa, Asia and Europe.

During the EFG Hermes 12th One on One Conference held in Dubai, Awad said the company plans to increase financing and provide more financial solutions for clients.

He added that the company’s expansion in financing began last year, when EFG Hermes established a financial leasing company and acquired a controlling share of a development company with a good organisational structure and 114 branches nationwide.

EFG Hermes aims to support the company’s growth in light of the government’s commitment to supporting this vital sector, Awad said.

He explained that EFG Hermes is seeking to maintain its existing activity in the investment banking sector, while increasing the company’s share in the countries in which it currently operates.

Awad revealed that the company is currently working on a number of securitisation operations, after an alliance between EFG Hermes and Tharwa Capital prepared the IPO for Amer Group’s second securitisation bonds, in preparation for their proposal during the first quarter of 2016.

Commenting on the emergence of integrated entities in the Egyptian capital market, referring to the merger of Beltone and CI Capital, Awad said businessman Naguib Sawiris’ decision to enter this sector confirms his evaluation of the sector’s current growth.

Awad further pointed out that while Egypt appears to be facing a number of crises, these can be considered blessings in disguise, including the overpopulation, which constitutes an attractive factor for any investor wishing to enter the local market.

He added that foreign investors require a reliable investment climate, and the government should encourage the bond market. Awad noted that Egypt has a good record in this sector; by 2011, approximately $13bn had been injected in the Egyptian bills and treasury bonds.

Moreover, regarding the reluctance of Gulf investor to invest in Egypt, despite the size of investment targeted in the Sharm El-Sheikh Summit, Awad explained that the liquidity in the Gulf markets and the price of oil have majorly decreased compared to the time when the summit was held.

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https://wwww.dailynewssegypt.com/2016/03/08/407964/
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