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EFG Hermes Holding informed shareholders today that it has completed its transformation into an Egyptian universal bank with a market-leading frontier emerging markets (FEM) investment banking platform. The news comes as the Firm has finalized its acquisition of a 51% stake in the Arab Investment Bank (aiBANK), marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector. The transaction will see EFG Hermes Holding assume control of aiBANK, with TSFE Financial Services & Fintech Subfund, a subfund fully owned by the Sovereign Fund of Egypt, EFG Hermes Holding’s valued partner, acquiring a 25% stake.
EFG Hermes Corp-Solutions helps business owners grow sustainably, providing them with immediate access to liquidity without diluting equity or incurring in further debt by selling businesses’ accounts receivables. It also offers a roster of tailored, comprehensive leasing solutions and value-added advisory services.
PayTabs Egypt is an innovative fintech solution that caters to both the online and digital payment needs of multiple consumer segments in the country. The platform allows users to carry out financial transactions such as purchases, money collection, or bill payments to empower financial inclusion and cashless payments.
On the 22nd of November 2021, the roll out of Day Trading went live on the Nairobi Securities Exchange (NSE), as part of its strategy to enhance market liquidity. The NSE received regulatory approval from the Capital Markets Authority (CMA) on the 26th of October 2021. This roll out has come on the back of investment in new technology (trading system) in October 2019 by the NSE to enable the separation of the trading and posting activities that will support introduction of more products such as Covered Short Selling, in addition to Day Trading. Furthermore, as a means to complement this milestone, the NSE Board approved an incentive structure whereby investors who participate in Day Trading will receive a discount on the second leg of the transaction at 0.114% (5% discount) for the NSE levy. This is part of NSE’s 2020-2024 strategy to deepen the Kenyan Capital markets.