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Tuesday, 14 June 2016

RenCap to reach a decision on whether to establish an investment bank in Egypt by year’s end

Clarification- Renaissance Capital got in touch with us to clarify a few statements made in Daily News Egypt’s interview with the outfit’s MENA CEO, Ahmed Badr. Badr said RenCap sees “Egypt as an attractive market and are now looking at various opportunities arising from the current growth of the country’s economy. Setting up our own presence on the ground in Egypt is something we have recently been considering but there are no imminent plans." Contrary to the piece DNE carried yesterday, when asked if RenCap is taking “real” steps to set up an investment bank in Egypt, Badr says, “We are studying the available options now but no decision has been taken in this regard. Hopefully we will have a clear picture by the end of this year.” Daily News Egypt posted a corrected version of the interview yesterday. RenCap hosted in late April its first Egypt equities conference in Cape Town, advised on its first equity placement on the EGX last month, and was ranked as the number-one frontier brokerage house in the 2016 Extel survey. H/t Hazem A.

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