Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) plans to enter the Nigerian market through an acquisition, Reuters reported on Tuesday.
The CEO of EFG Hermes' frontier market unit, Ali Khalpey, told Reuters that he expects the investment bank to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets.
Over the next 12 months, EFG Hermes plans to raise the number of its research team members to between 12 and 15 from their current eight, he added.
Last month, EFG Hermes announced the launch of its office in Pakistan after completing the acquisition of a 51% stake in Pakistan’s Invest Finance Securities Limited (IFSL).
