EFG Hermes, a leading financial services corporation serving MENA, announced that it has merged the mortgage finance activity and factoring in one entity with total investments of 460 million Egyptian pounds ($28 million) EFG Hermes Leasing will be merged with EFG Hermes Factoring to form a new entity that provide comprehensive financial solutions for short, long and medium terms, according to Ahmed El kholy CEO & Managing Director at EFG Hermes leasing. The new firm seeks to increase the total net volume of the finance leasing and factoring activities portfolio to 2.7 billion pounds by the end of this year, El kholy added. He added on the sidelines of the Hermes conference today, that the financial leasing activity during the first 5 months of 2020 recorded 750 million pounds, while the factoring activity portfolio reached 400 million pounds.