EFG Hermes gets brokerage business license in Kenya

CAIRO – 20 July 2017: Egypt’s EFG Hermes announced Thursday that its fully-owned unit, EGF Hermes Kenya Ltd, has obtained brokerage business license in Kenya, after it got the approval of Kenya Capital Markets Authority.

In a stock report, the group said that the new license comes as a part of its announced strategy, including the expansion in the frontier markets of promising potentials.

Earlier this month, CEO of EFG Hermes’ Frontier market unit, Ali Khalpey, told Reuters that the investment bank plans to boost its research team to between 12 and 15 from eight over the next 12 months, as interest among institutional investors grows in smaller, fast-growing economies in the Middle East, Asia and Africa.

“The frontier market should be a decent part of the revenue growth of EFG Hermes’ overall business,” Khalpey added.

The unit's CEO has revealed to Reuters that once EFG Hermes gets the regulatory approval in Kenya, it hopes to have an office with 10 to 15 people to serve as a base for Tanzania, Rwanda and Uganda.