The Egyptian bank, EFG Hermes Holding, announced on Thursday (July 19th) the signing of a definitive sale and purchase agreement (SPA) to acquire all of Primera Africa, a premier brokerage firm in Nigeria.
Like the EFG Hermes office in Kenya in the eastern part of the continent, this acquisition will enable the Egyptian bank to prepare for its expansion in West Africa.
« Nigeria is our fourth straight entry as we continue our strategy of expanding our geographic footprint in high-potential emerging frontier markets. At the closing of this transaction, we will be present in 12 jurisdictions spread across four continents to serve our global institutional investors, wealthy regional individuals and local retail investors, « said Karim Awad, the Holding’s CEO.
Primera Africa offers a full range of brokerage and research services to domestic and international investors from its headquarters in Lagos, Nigeria. At the end of the acquisition, Primera Africa will operate under the EFG Hermes brand which plans to complete the acquisition by August 31, 2018, subject to regulatory approval and satisfaction of certain conditions precedent.
Over the past 12 months, EFG Hermes has spread its presence in Pakistan, Kenya and Bangladesh and recently received FCA’s regulatory approval to operate in the UK from its London office.