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EFG-Hermes launches leasing service with LE100 mn in capital

EFG-Hermes Leasing has an initial capital of LE100 million that has the potential to reach LE550 million in six months

Ahram Online , Sunday 14 Jun 2015
Egypt-based investment bank EFG-Hermes
People exit the new headquarters of Egypt-based investment bank EFG-Hermes, on the outskirts of Cairo, October 19, 2010 (Photo: Reuters)
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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.

 

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