EFG-Hermes granted Saudi license

Published May 17th, 2006 - 06:16 GMT

The Capital Market Authority of the Kingdom of Saudi Arabia granted EFG-Hermes Saudi Arabia an investment banking license on the 15th of May 2006. The Saudi market is by far, the largest financial market in the region representing around 70% of Egypt, Levant and GCC region's Investment Banking fee wallet (including brokerage and asset management).


“This is a significant milestone for EFG-Hermes in our journey to create the first truly regional and full service Investment Bank based in the Middle East. Through our very successful businesses in Egypt and the UAE, we currently address around 16% of the region's fee wallet and the addition of Saudi Arabia will increase our footprint to over 85%" said Mr Yasser El-Mallawany Chairman and CEO of EFG-Hermes.


Mr Hassan Heikal, co-Chairman and CEO added "the Saudi license is the most important addition to our regional expansion strategy and we are very excited about the opportunity it represents. The roll out plan for our operations in the Kingdom is well thought through and documented and we are now ready for the execution phase".


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