The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Investment banking: EFG Hermes extends its international reach

It is a sign of the times that, as investment banks in the UK and US downsize, those in the Arab world are doing the opposite.

One of the most active financial institutions in the region is Egyptian firm EFG Hermes.

Last month, it completed two deals, highlighting its ambitions in the Gulf and in wider international markets. EFG invested in one of Kuwait’s leading brokers, so gaining access to the second most important stock market in the region, and took a 9.97% stake in Panmure Gordon, one of the UK’s oldest and most blue-blooded independent investment banks.

At £3.2 million ($5.7 million), the Egyptian bank’s investment in Panmure Gordon is relatively small, says Hassan Heikal, chief executive at EFG Hermes. He admits that the move was an opportunistic one. "It will probably be a one-off," he says.

Hassan Heikal, EFG Hermes

"There are only 14 licensed brokers; therefore to take a controlling interest in one of the biggest is meaningful for us"
Hassan Heikal, EFG Hermes

He adds that the investment strengthens the bank’s ability to service its client base in the Middle East, the UK and the US. "It makes sense for us to have a closer look at what’s happening in the international markets," he says.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree