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EFG Hermes mulls foray into insurance

EFG-Hermes Holding SAE is looking to enter new sectors in the coming years, including insurance, Daily News Egypt reported, citing CEO Karim Awad.

Awad said the Egyptian lender is yet to decide on the timing of its foray into the insurance market, but that the move will unlikely be carried out in the current fiscal year as it focuses on its current services and activities to boost its market shares.

The executive added that the company is also considering expanding as an integrated investment bank in the African region.

Separately, EFG-Hermes' head of equity management Karim Moussa told the newspaper that the bank is weighing plans to set up a real estate investment fund in 2020, potentially in cooperation with a major real estate developer.