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Monday, 20 November 2017

RenCap bullish on Egypt, calls it a “very interesting market”

Renaissance Capital has a pipeline of investment banking transactions in Cairo, Ksenia Galouchko writes for Bloomberg. “A lot of the global investment banks are de-risking their portfolios, they’re scaling back in Africa and none of them are entering Egypt … Egypt is a very interesting market for us,” RenCap’s global head of investment banking James Friel says. The investment bank, owned by Russian billionaire Mikhail Prokhorov, is taking a long-term bet on Egypt as Friel explains “we have taken a long-term view on the Egyptian market and remain firmly convinced that this is a positive move for the firm.” RenCap got its license in Egypt earlier this year; its new Cairo — headed by CI Capital veteran Mohamed Younes as country boss — will focus on investment banking, financing, and research.

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