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EFG-Hermes eyes factoring services, Nigerian expansion in 2018

EFG-Hermes Holding SAE plans to launch factoring services in the first quarter of 2018 in a bid to expand nonbanking offerings, Reuters reported, citing comments to reporters by CEO Karim Awad.

The Egyptian investment bank also aims to enter Nigeria with broking services, the newswire said Dec. 24, citing Mohamed Ebeid, co-CEO of the group's investment bank platform.

Furthermore, the bank is looking to carry out three initial public offerings in Egypt and one or two in the United Arab Emirates in 2018, following six IPOs and four secondary offerings valued at $2.9 billion across the Arab region, said the firm's head of IPOs and listings, Mostafa Gad.