EFG Hermes obtains licence to provide factoring services in Egypt

Egyptian Financial Group Hermes Holding (EFG Hermes) that its unit EFG Hermes Factoring has obtained a licence to provide factoring services in the Egyptian market.

The new licence is a step towards reinforcing the company’s leading position by diversifying provided activities and services for clients, including major institutions and small- and medium-sized enterprises (SMEs), the investment bank said in a statement t the Egyptian Exchange (EGX).

The EGX-listed firm has allocated 250 million Egyptian pounds to operate new ventures as part of its non-bank finance platform EFG Finance Holding, the company indicated.

For her part, chairperson of EFG Finance Holding Fatma Lotfy said that the new company is looking forward to offering a full-fledged bundle of high-quality factoring services in the Egyptian market over the few next months in a bid to plug the financing gap.

Egyptian Financial Group Hermes Holding (EFG Hermes) is a public company, listed on Egyptian Exchange (EGX) since February 1999.
t operates within the diversified financial sector focusing on Investment Banking and Brokerage. It has 36 subsidiaries operating across the Caribbean, Northern Africa and Middle East. EFG Hermes is based in 6th of October, Egypt, and was established in January 1989.