EFG Hermes aims to have non-bank financial services deliver 50% of profits by 2021
EFG Hermes aims to have non-bank financial services deliver 50% of profits by 2021: EFG Hermes aims for non-banking financial services to account for 30% of its total profit by year-end and 50% by the end of 2021, CEO Karim Awad told Reuters. The investment bank is looking to get into the insurance and mortgage finance businesses, but has yet to obtain regulatory approval, Awad said. Non-bank financial services contributed 20% of the group’s 3Q2018 net profits, up from 12% in the same quarter last year, the CEO said. Awad also EFG is looking to enter one more Asian or African market within the coming year, but said Morocco isn’t currently in the firm’s plans. EFG has recently opened outposts in frontier markets including Pakistan, Kenya and Bangladesh and has previously disclosed it is seeking an investment banking license in Nigeria.