EFG-Hermes Holding SAE said that it expects to obtain an investment-banking license in Nigeria this week and plans to hire five people in Lagos this year.
This newspaper cannot however independently confirm the development from the Central Bank of Nigeria (CBN) at the time of this report but Ali Khalpey, chief executive officer of the financial services company’s frontier unit, said “We’ve got all the boxes ticked, and we are just waiting for regulatory approval>
EFG Hermes Holding S.A.E. is an Egyptian investment bank present in the Middle East and North Africa region and specializes in securities brokerage, asset management, investment banking, private equity and research.
“We should receive [the authorization] if not this week, early next week.” Khalpey, said in in Dubai.
EFG-Hermes, the top adviser on initial public offerings in the Middle East and North Africa last year, bought Nigerian brokerage and research firm Primera Africa Securities Ltd. in July, as part of its broader African expansion.
The investment bank, which obtained a stockbroking license in Kenya last year, plans to use Nigeria as a regional hub, according to Bloomberg.
While EFG-Hermes’ focus in 2019 will be on consolidation in recently entered markets, including those in Africa, Pakistan and Bangladesh, Khalpey sees opportunity to expand in Vietnam.
The Asian country “is definitely a market we would like to have some exposure to,” he said.
Khalpey was hired in January 2017 to build EFG-Hermes’ frontier-markets business.
