Egypt’s EFG Hemes merges leasing, factoring activities to provide new financial solutions
The new company seeks to increase leasing, factoring activities portfolio to EGP 2.7 billion pounds by the end of 2020.
Egypt’s investment bank EFG Hermes announced on Monday it has merged its leasing and factoring activities in one entity, with total investments of 460 million Egyptian pounds ($28 million).
EFG Hermes Leasing will be merged with EFG Hermes Factoring to form a new entity that provide comprehensive financial solutions for short, long and medium-terms, according to Ahmed El Kholy, CEO and Managing Director at EFG Hermes leasing.
The new firm seeks to increase EFG Hermes Group’s total net volume of finance leasing and factoring activities portfolio to 2.7 billion pounds by the end of this year, El kholy said.
Speaking at EFG Hermes conference on Monday, El kholy added that the financial leasing activity recorded 750 million pounds during the first five months of the year, while the factoring activity portfolio registered 400 million pounds.