Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) on Wednesday announced that its unit EFG Hermes Factoring has obtained a licence to provide factoring services in Egypt.
The new licence is a step towards reinforcing the company’s leading position by diversifying provided activities and services for clients, including major institutions and small- and medium-sized enterprises (SMEs), the investment bank said in a statement t the Egyptian Exchange (EGX).
The EGX-listed firm has allocated EGP 250 million to operate new ventures as part of its non-bank finance platform EFG Finance Holding, the company indicated.
The new firm will benefit from the abundant cash flow and the close relationships between major financial institutions and EFG Hermes, CEO of EFG Hermes Karim Awad said.
For her part, chairperson of EFG Finance Holding Fatma Lotfy said that the new company is looking forward to offering a full-fledged bundle of high-quality factoring services in the Egyptian market over the few next months in a bid to plug the financing gap.
The new firm will start the test run within the third quarter of 2018 and it will be officially launched prior to the end of the year.
