EFG Hermes to manage Banque du Caire IPO in 2018

CAIRO - 24 December 2017: "Investment bank EFG Hermes will take over the initial public offering (IPO) process of state-owned bank Banque du Caire in 2018," head of EFG Hermes business promotions Mostafa Gad disclosed Sunday.

In a media roundtable held by EFG Hermes, Gad said that the actual time of the IPO is yet to be determined, adding that the bank's public offering was delayed due to the changes in Egypt's monetary policy in 2017.

EFG Hermes is also planning to launch IPOs of two other companies working in the industrial sector, "we are also negotiating IPOs of two other companies," Gad furthered.
EFG Hermes managed 10 stock market offerings and six mergers in the Arab region in 2017, according to Gad.

Middle East and North Africa’s financial services company EFG Hermes achieved 476 percent year-on-year increase in net profit in the third quarter (Q3) of 2017 to stand at LE 237 million.

EFG Hermes’ revenues recorded a 184 percent year-on-year increase to stand at LE 834 million, attributed to diversification of the company's products and the company’s expansion.

Both the private equity and asset management divisions registered a year-on-year growth of 161 percent, as the asset management divisions posted LE 89 million in revenues in that quarter and private equity contributed LE 33 million to the total value.