March 23, 2023

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Hermes Holding becomes a comprehensive bank in Egypt

Hermes Holding becomes a comprehensive bank in Egypt

The financial group “Hermes Holding” announced to shareholders that it has succeeded in transforming itself into a comprehensive bank in the Egyptian market, pointing to the completion of the 51% acquisition of the Arab investment bank. The most trusted banking services sector in the Egyptian market.

Under the agreement, Hermes Holding, a wholly owned subsidiary of Egyptian Sovereign Fund, will acquire a 25% stake in Hermes Holding, the Egyptian subsidiary for financial services and digital transformation, which leads the Arab Investment Bank (aiBANK). In the bank ..

Kareem Awad, CEO of Hermes Holding Group, said: “The conclusion of this important agreement with our partner, the Sovereign Fund of Egypt, will enable us to transform our operations in Egypt into a comprehensive banking platform through commercial banking operations. Our services through investment banking and non-bank financing platform enhance our ability to offer a wide range of financial products and services to individual and corporate clients in the local market.

He added: “We will continue to provide investment banking services to emerging and border markets in Egypt and 12 countries, and will continue to maintain our leadership by maintaining excellent trade volumes in all markets in which we operate.” The company has been instrumental in concluding the most important group of regional agreements.

Avad pointed out that the acquisition of a majority stake in the Arab Investment Bank would be another step for the group to build a strong institutional framework that would help it deal with the volatility of capital markets. To provide a comprehensive set of products and services to customers across different sectors of the company.

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He stressed that efforts to diversify the range of services provided by the company have led to the improvement of its direct presence in 13 countries and the ability to provide financial services to more than one billion people living and doing business in some countries. Fastest growing markets around the world.

He explained that the addition of banking services to the group’s services in the Egyptian market ensures that “Hermes Holding”, through its subsidiaries and group-owned brands, is able to deliver integrated financial services solutions to its customers through a single platform. .

Awad expressed his hope that the new business model adopted by the group would have a positive impact on its shareholders as it would establish a clear vision of profit margins and dividends in the future, as well as establish the potential to reap profits from the partial exit. Opportunities for some subsidiaries.

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