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EFG-Hermes Looks To Acquire Commercial Banks In Middle East

With an aim to emerge as an universal bank

EFG-Hermes, the Egypt-based investment bank, is scouting for opportunities to acquire commercial banks in the Middle East region – reported Reuters. Reportedly, the bank intends to acquire licences of brokerages in Syria and Libya, but does not want to foray into African markets.

On the sidelines of EFG-Hermes & Auerbach Grayson investor conference in New York Sherif Cararah, MD of EFG-Hermes Securities Brokerage, said: “The firm owns 28% of Bank Audi, a Lebanon-based commercial bank, and would like to increase its stake to more than 50%, but this is a long term process,” reported the news agency.

Mr. Cararah said that EFG-Hermes has a significant investment bank presence in the region and does not need to consolidate its position in this area. “Acquisitions in the commercial banking arena, yes. In the investment banking, no. We have been on top of this market for a long time, we don’t have any competitor that makes sense to be acquired by us,” he added.