EFG-Hermes Named Best Brokerage House in Egypt

Despite unprecedented challenges market-wide in the past eighteen months, EFG-Hermes Securities Brokerage (HRHO.CA) has cemented its position as the broker of choice for global institutional investors trading in Egypt and the MENA region. EFG-Hermes has been named by the Global Banking and Finance as Best Brokerage House in Egypt.

The firm today accounts for approximately 50 percent of the foreign institutional executions on regional markets, ranks first on the Egyptian Exchange (EGX), is in the top five on most of the regional exchanges, and garnered a basket of prestigious awards and accolades throughout the year.

When protests broke out nationwide on 25 January 2011, the EGX tumbled almost 1500 points, losing roughly 21 percent of its market capitalization in just two days and being forced to shut down. Despite the closure and revolution in its home market, EFG Hermes Securities Brokerage rose to the occasion, seamlessly continuing to offer services in the twelve other regional markets in which the Division operates.

The EGX reopened on 23 March 2011, but the challenges facing regional markets were not over, as the country faced political uncertainty during its ultimately successful transition to democracy.

During this period, EFG Hermes lived up to its responsibilities as one of Egypt’s leading financial institutions, organizing the fourth annual Egypt Capital Markets Day Conference, “Investment Opportunities in a New Egypt”, in cooperation with the London Stock Exchange (LSE). The conference brought together global buy-side investors with C-suite management from some top listed Egyptian companies and representing industries ranging from food production and financials to industrials, real estate and hospitality, and telecommunication services. Later in the year, EFG Hermes also organized back-to-back road shows in London and New York to promote MENA equities to Europe, the United States and Africa.

By the end of 2011, and following Egypt’s worst outbreak of violence since the Revolution, the EGX fell to 3614.04 points, its lowest point during the whole post-revolutionary period and at nearly half its market capitalization just before the Revolution. It was also its lowest point since 2008. 

Despite the challenges of this remarkable year, EFG Hermes closed 2011 as the largest broker in the Arab world by market share according to market figures independently released by regional stock exchanges. 

By March of 2012, the EGX was finally showing signs of a recovery, regaining almost 25% of its pre-revolution market capitalization as it reached 5,428 points — its highest point in 2012 and a rise of 48% since the start of the year. During this period, EFG Hermes was named the Best Broker in Kuwait at EMEA Finance’s Middle East Banking Awards. Further cementing its position as the leading broker in the Arab world, EFG Hermes Securities Brokerage ranked number one on the Egyptian Exchange. 

These impressive achievements were further supported by the launch, in February, of EFG-Hermes Abwab, the first swap product in Iraq, and which gives institutional investors unique access to the Iraq Stock Exchange (ISX). 

In April, Securities Brokerage added yet another product to its roster introducing margin trading facilities for its clients on the Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX) and Saudi Stock Exchange (Tadawul), a development that will strengthen its position in those key markets. 

In July 2012, Securities Brokerage added yet another award to its cabinet, picking up the award for Best Brokerage House in Egypt at the Global Banking and Finance Awards 2012.

“We are very proud of all our achievements this year,” said Mohamed Ebeid, Co-Head of EFG Hermes Securities Brokerage. “This is well-deserved for the Team, who have made extraordinary efforts to maintain our very high standards during this unprecedented and incredibly difficult time.

“Going forward in 2012, we will continue to focus on maintaining and growing our market share across regional markets, as well as offering best-in-class products and services for our clients.” said Ahmed Waly, Co-Head of EFG Hermes Securities Brokerage.