Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes Holding) has successfully rebranded to EFG Holding to ensure the brand evolves in line with the group’s expansion across three verticals: EFG Hermes the investment bank, EFG Finance the non-bank financial institutions (NBFI) platform, and aiBANK the commercial bank.
The rebranding will entail changing the EFG Hermes Foundation’s name to become the EFG Foundation, according to a press release.
The listed company confirmed that the change in the brand name will not impact the current management structure and reporting lines, day-to-day operations, or the level of support and cross-selling that will continue between the group’s three verticals in addition to the level of support provided by the holding company.
CEO of EFG Holding Karim Awad, said: “It is this strategy that has allowed us to build what is now a financial powerhouse that provides businesses of all sizes and people of all income levels with the tools and access to finance that they need to live better lives, build their businesses, and drive sustainable change in the communities in which we live and work.”
Awad added: “It’s the optimal time to transform our brand to capture the breadth and magnitude of our product and service universe as well as reflect the resilience of our growth strategy.”
EFG Holding operates in 12 countries across four continents, while its regional assets under management (AUM) amount to $4.50 billion.
Meanwhile, a total of EGP 165 million was pumped to date by the EFG Foundation to support the livelihoods and education of underprivileged communities.
It is worth noting that the shareholders of the group approved, during the 22 May meeting, the proposal to change the company’s name.
In the first quarter (Q1) of 2023, the consolidated net profit after tax attributable to the owners of EFG Holding stood at EGP 884.56 million.