Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EFG Hermes, GB Auto to acquire majority stake in life insurance Tokio Marine Egypt Family Takaful
Under agreement, which is subject to regulatory approval, EFG Hermes Finance and GB Capital will each own 37.5% of the company.
Published in Daily News Egypt on 23 - 12 - 2019

EFG Hermes through its non-bank financial institution (NBFI) arm, EFG Hermes Finance Holding and Ghabbour Auto (GB) Auto through its NBFI arm GB Capital, announced on Sunday their entry into a definitive sale and purchase agreement (SPA) to acquire a 75% stake in life insurance player Tokio Marine Egypt Family Takaful in a deal worth EGP 84.8 m.
Under the agreement, which is subject to regulatory approval, EFG Hermes Finance and GB Capital will each own 37.5% of the company.
Tokio Marine Egypt Family Takaful is owned by Japan-based Tokio Marine Group, a world-renowned company in insurance and reinsurance and the largest general insurer in Japan. The company offers individual and corporate clients a variety of solutions, covering healt and life insurance needs.
Commenting on the agreement, Chairperson and CEO of GB Auto Raouf Ghabbour said they know that the Egyptian life insurance industry is primed for growth, with significant untapped potential for rapid and profitable expansion.
"Given these promising conditions, we have decided to grow our business in this lucrative space while enhancing the sophistication and size of the market to the benefit of all players," Ghabbour said.
"We are honoured to partner with EFG Hermes and Tokio Marine Group and are confident that our new relationship represents the natural progression of our already established, expansive, and fast-growing NBFI portfolio of offerings in the leasing, consumer finance, factoring, micro finance, mortgage finance, securitisation, and fleet-leasing arenas." he continued.
Meanwhile Group CEO of EFG Hermes Holding Karim Awad said, "The Egyptian insurance market is largely under-penetrated compared to its potential, with premiums as a percentage to GDP still in the single digits. Thanks to an improving economic outlook, capital regulations focused on insurance penetration, and wider financial inclusion, Egypt's insurance industry is poised for substantial growth in line with the kind of growth anticipated for other emerging markets."
Awad added that their partnership came at the perfect time and falls perfectly in line with their strategy to expand their NBFI offering.
He explained that EFG`s NBFI footprint today encompasses leasing, microfinance, fintech-enabled consumer finance, mortgage finance, factoring, and securitisation.
"We can think of no better partner with whom to move forward on this than GB Capital and Tokio Marine Group," Awad concluded.


Clic here to read the story from its source.