Efg Holding S.A.E. (Egypt)

The Egyptian Financial Group (EFG) was established in 1984 as the first investment banking firm in Egypt. For many years it offered its clients a variety of services and was involved in a large number of privatization studies for the Egyptian government. EFG moved into brokerage in 1993 and Asset management in 1994. EFG established the first equity index in Egypt. " In 1996, EFG-Hermes was born out of the highly publicized merger between the Egyptian Financial Group (EFG) and Hermes Financial. It went public in 1998 and it is now listed on the London and Cairo stock exchanges." The firm expanded its activities beyond the Egyptian borders. The firm advised major international clients such as Nestle, Kraft foods, American Express, Pepsi Co., Heineken, Bristol-Myers Squibb Co., HSBC, and GlaxoSmithKline. By 2005, EFG-Hermes was granted a license to conduct asset management and investment banking activities in addition to brokerage activities in UAE Financial Markets and in 2006, it acquired a license to conduct financial activities related to the Saudi Financial Market." In November 2007, Dubai Financial Group, the investment arm of Dubai Holding Group, acquired the 24.62% stake in EFG-Hermes previously held by Abraaj Capital.