Cairo-based investment bank, EFG-Hermes Holding SAE (EGX: HRHO) has announced it has received approval from the Capital Markets Authority of Kenya to start operations in the country.
EFG-Hermes, which is one of the largest investment banks in the Middle East says the licence allows it to operate in the Kenyan market as a stock broker and could start operations in the first week of August.
According to Bloomberg, EFG-Hermes has ‘hired 10 people in its Nairobi office and is looking to recruit two more. The Kenyan office will serve as its East African Headquarters given the proximity to Tanzania, Uganda and Rwanda.
EFG-Hermes has a total of USD 2.5 billion in assets under management and employs more than 880 staff across the seven countries in the Middle East, North Africa region where it operates. The bank specializes in a full range of investment banking products and services including securities brokerage, asset & fund management, private equity and research.