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Thursday, 18 March 2021

EFG Hermes, Universal Group to launch new ecommerce site

EFG Hermes and Universal Group are collaborating on a new ecommerce website that will allow the home appliance company to sell directly to its customers, the investment bank said in a statement (pdf) yesterday after signing the agreement. EFG subsidiary PayTabs Egypt will handle payments on the platform while its consumer finance arm Valu will offer payment plans. Business Boomers, a fintech startup owned by EFG, will host Universal’s online store on its platform. “Signing this partnership today with Universal Group is a key milestone in our journey to develop a full-fledged non-bank financial services ecosystem that leverages the synergies inherent in our business model throughout the group,” said Walid Hassouna, EFG Hermes Finance CEO and head of debt capital markets.

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