EFG Hermes announces Oman market exit

Egypt’s investment bank, EFG Hermes announced on Tuesday that it had completed its exit from Oman.

However, EFG said it would continue to serve its institutional clients base by executing trades indirectly, providing select research coverage, and pursuing Investment banking activities through its regional hubs.

EFG accentuated its intention to exit three markets in a disclosure on January 17 as part of efforts to drive shareholders’ value by simplifying the group’s operations, re-directing its resources, and improving its return on equity metric.

“EFG Hermes remains strongly committed to the remaining core markets in which it operates, and we do not expect to exit any other market apart from Jordan and Pakistan, which we highlighted in our earlier disclosure in January. In addition, the exit will have a minimal impact on our 2023 financial statements.” an EFG release sent to the London Stock Exchange (LSE) read.