EFG-Hermes, one of the Arab world's leading investment banks, announced on Sunday the launch of 'EFG-Hermes Leasing', a wholly owned subsidiary specialised in providing leasing services to large, small and medium-sized enterprises.
The new subsidiary, which will commence operations immediately, has an initial capital of LE100 million with a portfolio that has the potential to reach LE550 million in six months, Ahmed El-Kholy, CEO of the new subsidiary, said during a press conference on Sunday.
"We have already begun signing contracts despite the company coming into being only four months ago, a strong signal to the market of both our excitement and our proactive approach to entering this promising space," said El-Kholy.
EFG-Hermes Leasing has been in negotiations with 12 banks, said Wael Zeyada its executive chairman.
Established in 1984, EFG-Hermes operates in Egypt, Jordan, Kuwait, Lebanon, Omar, Qatar, Saudi Arabia and the UAE.