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Wednesday, 10 October 2018

EFG Hermes looks east and west as it eyes regional expansion

** #6 EFG Hermes closing in on Nigeria acquisition: Our friends at EFG Hermes are looking to lock down IPO mandates in Saudi Arabia and close their acquisition of Nigerian brokerage Primera Africa as the firm works to break into more regional markets, co-head of investment banking Mohamed Fahmi tells Reuters. EFG had announced in July signing a sale and purchase agreement for the Lagos-based brokerage and research firm, which will eventually rebadge under the EFG Hermes brand. The transaction is expected to be complete in November, according to an EFG spokesperson.

As for Saudi, EFG is already hiring talent as it looks to win IPO mandates in the kingdom, a market Fahmi expects will “pick up” by the end of 2018. According to Fahmi, many of the potential IPOs in the Saudi market are eyeing dual listings and GDR programs. “Saudi Arabia could be a major growth market for EFG Hermes, which is the biggest investment bank in the Middle East but derives much of its business there from Egypt and the United Arab Emirates,” the newswire notes.

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