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EFG Hermes Holding informed shareholders today that it 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 finalized its acquisition of a 51% 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, a subfund fully owned by the Sovereign Fund of Egypt, EFG Hermes Holding’s valued partner, acquiring a 25% stake.
In November, 2021, EFG Hermes Holding acquired a 51% stake in aiBANK, marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector enabling the firm to transform into a universal bank. aiBANK currently offers the full spectrum of retail banking, corporate and Islamic banking services. Additionally, aiBANK provides loan syndication services to companies and institutions looking to finance large national projects.
EFG Hermes Corp-Solutions helps business owners grow sustainably, providing them with immediate access to liquidity without diluting equity or incurring in further debt by selling businesses’ accounts receivables. It also offers a roster of tailored, comprehensive leasing solutions and value-added advisory services.
PayTabs Egypt is an innovative fintech solution that caters to both the online and digital payment needs of multiple consumer segments in the country. The platform allows users to carry out financial transactions such as purchases, money collection, or bill payments to empower financial inclusion and cashless payments.
New research by EFG Hermes has found that in the banking sector, the current credit quality backdrop is generally favorable, with short-term macro being supportive in the GCC. However, higher borrowing costs and a challenging global economic environment pose potential risks in 2023. In the medium term, infrastructure spending, a push towards greener economies, and potential legal reforms, will all contribute towards loan growth. Here are some of our detailed country insights.