Egypt investment bank gets brokerage licence

Egypt-based investment bank EFG-Hermes has been licensed to operate a stockbroker unit in Kenya with an eye on an investment bank permit, targeting institutional and high net-worth investors from the Middle East.
EFG had stated its intention to come into the Kenyan market earlier this year, later saying in June that its licence application with the Capital Markets Authority (CMA was at an advanced stage.
The firm is looking to use Kenya as a base for regional operations targeting neighbouring bourses of Tanzania, Uganda and Rwanda.
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“We have been granted a stockbroking license by the CMA. We hope to enhance this with an Investment Banking license in the future,” said EFG Hermes in an email response.
“We will focus on foreign institutional investors, domestic institutional and high net worth Investors. We will also look to work with strategic and corporate investors, especially from the Middle East who are looking to acquire assets in East Africa.”
EFG Hermes also operates in Jordan, Kuwait, Oman, Pakistan, Saudi Arabia UAE and the US. It plans to enter the West African market in the near future.
The licensing of EFG will bring the total number of authorised market intermediaries in Kenya to 25. There are already 14 investment banks and 10 stockbrokers operating in Kenya, who are differentiated by capital requirements.