Investment Bank EFG Hermes launched a new leasing services company with EGP 100m capital, the bank announced Sunday. The company, EFG Hermes Leasing, will cater to large corporates, along with small- and medium-sized enterprises (SMEs). The company's capital will increase as it operations grow, EFG Hermes noted. Leasing services offered include various sectors, such as technology systems, vehicles, medical equipment and machinery. CEO of EFG Hermes Karim Awad stated that the launching of the company is a milestone in the bank's path towards diversifying its revenue base, and reinforces the bank's commitment in Egypt. "We have identified a financing gap — affecting both corporations and SMEs — that we intend to fill, and are offering flexible financial solutions to encourage sustainable growth across a broad range of industries in Egypt," Awad added. EFG Hermes Leasing CEO Ahmed El-Kholy pointed out that the company has already started "signing contracts despite the company coming into being only four months ago", something he described as a "strong signal to the market of both our excitement and our proactive approach to entering this promising space".
