EFG Hermes Group recently received its FCA license to operate in the United Kingdom (UK).
Cairo-based EFG Hermes Group, has signed a definitive sale and purchase agreement (SPA) to acquired 100 per cent of Primera Africa, a top-ranked brokerage house in Nigeria.
In a statement, EFG Hermes said that upon completion of the acquisition, Primera Africa will operate under EFG Hermes’ brand name.
Karim Awad, EFG Hermes Holding Group CEO, said, “Nigeria is our fourth direct entry as we continue our strategy of expanding our geographic footprint in high-potential, frontier emerging markets.”
In the last 12 months, EFG Hermes has directly entered Pakistan, Kenya, and Bangladesh in addition to their recent regulatory approval from the FCA to operate in the UK.
Nigeria is Africa’s largest consumer market and is consistently among the three largest economies on the continent alongside Egypt and South Africa, added Mohamed Ebeid, Co-CEO of the Investment Bank at EFG Hermes.