Egyptian investment bank still in talks to buy Nigeria brokerage, chases IPOs for expansion

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Lagos Nigeria, Oct 9 (Naija247news) – Egyptian investment bank EFG Hermes reiterated it is in talks to acquire a Nigerian brokerage and chasing private sector initial public offerings, co-head of investment banking Mohamed Fahmi said.

EFG Hermes in July said it plans to acquire Primera Africa as it pushes to expand its capital market business across frontier markets.

EFG Hermes is chasing private sector IPOs and mid-market mergers and acquisitions, Fahmi said.

Naija247news recalled that EFG Hermes announced in July that it would acquire Lagos-based Primera Africa, which offers brokerage and research services to local and foreign investors. The bank favours the country’s long-term growth potential after the country introduced a series of reforms including currency devaluation.

An EFG spokesperson said on Tuesday the deal is expected to close in November subject to regulatory approval and certain conditions.

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