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Egyptian bank restates interest in Nigerian brokerage firm

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Egyptian Investment Bank, EFG Hermes, reiterated that it was in talks to acquire a Nigerian brokerage firm and chasing private sector initial public offerings, co-head of investment banking, Mohamed Fahmi, said. EFG Hermes in July said it planned to acquire Primera Africa as it pushes to expand its capital market business across frontier markets. EFG Hermes is chasing private sector IPOs and mid-market mergers and acquisitions, Fahmi said.

 

According to Reuters, EFG Hermes had said in a statement said that it would utilise its presence in Nigeria to serve both global and domestic investor appetite for opportunities in Africa’s largest economy.

 

The bank expects to complete the acquisition of Primera Africa by August 31, 2018, subject to regulatory approval and the satisfaction of certain conditions precedent. It said upon completion of the acquisition, Primera Africa would operate under EFG Hermes’ brand name, bringing to the Nigerian market a track record that had spanned more than 30 years of offering financial services, research, and a large network of investors seeking compelling opportunities in high-growth markets.

 

 

The Group Chief Executive Officer, EFG Hermes Holding, Karim Awad, said: “Nigeria is our fourth direct entry as we continue our strategy of expanding our geographic footprint in high-potential, frontier emerging markets.

 

 

“At the close of this transaction, we will have a direct presence in 12 jurisdictions on four continents to serve our global institutional investors, regional high-net-worth individuals, and local retail investors.”

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