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EFG-Hermes receives regulatory nod to operate in Kenya

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Egyptian Investment Bank, EFG-Hermes is set to begin operations in Kenya after being awarded brokerage and trading licence.

The Cairo based bank targets a market share of 5 percent in its first year of operation and up to 15 percent by the third year as it eyes regional bourse in Tanzania, Uganda and Rwanda.

According to sources, Ali Khalpey, the chief executive officer of EFG-Hermes Frontier, said EFG-Hermes will begin offering research for Kenyan and sub-Saharan African banks and consumer stocks by September and plans to expand its research coverage afterwards.

Slow growth in many developed and emerging markets spurred EFG-Hermes to hire Khalpey in January and build a unit focused on frontier markets.

EFG Hermes has operations in Jordan, Kuwait, Oman, Pakistan, Saudi Arabia UAE and the US as it seeks to expand to the West African market in the near future.

EFG-Hermes hired 10 people in its Nairobi office and is looking to recruit two more, Khalpey said.

It targets starting investment banking operations in Nigeria next year and Vietnam, Bangladesh and Latin America in 2019.

Source: Bloomberg

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