Danish multi-asset brokerage Saxo Bank has partnered up with Egyptian investment bank EFG Hermes. The company was founded in Egypt over 30 years ago and is focused on the Middle East and North Africa (MENA). EFG Hermes recently reported its third quarter earnings for 2016 and registered 294 million EGP (Egyptian pounds), or about $33 million, at the time.
The company’s business has been spread across the MENA region with a team of over 870 employees. EFG Hermes provides investment banking services, asset management, but it also is a securities brokerage, delivering research and private equity services to the Arab world.
The strategic partnership between the firms will deliver to clients of EFG Hermes access to Saxo Bank’s SaxoTraderGO platform via EFG Hermes’ new online trading platform, EFG Hermes One. The solution is strongly optimized for the regional needs of clients with special focus on financial instruments in the MENA region. Just as is the case with Saxo Bank’s offering, the solution also gives broad access to global financial markets across a variety of asset classes.
Clients Also Gain Access to Research from Both Companies
Saxo Bank’s strategy team will be delivering to clients its insights on the market, while EFG Hermes One also includes the information from the Middle Eastern bank’s proprietary research. That includes approximately 60 percent of the MENA region’s aggregate market capitalization.
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The companies shared in their announcement that EFG Hermes One is only the first product on which the companies will be working together.
Commenting in the official announcement, the CEO and co-founder of Saxo Bank, Kim Fournais, said: “MENA is a market with many interesting trading opportunities and by integrating Saxo Bank’s multi-asset, award-winning platform with EFG Hermes’ regional offering and reach, we are levelling the playing field and enabling a wide range of investors and traders to access a broad range of investment opportunities by equipping them with the latest trading and analytical tools.”
Elaborating on the new offering for the bank’s clients the CEO of EFG Hermes Group, Karim Awad, shared: “We want to revolutionize the way our clients trade and take control of their financial future through innovative product offerings. The launch is the first step in a partnership that will see us expand our brokerage product offering, including those developed in partnership with Saxo Bank, to compelling new markets as we continue our transformation into a financial services corporation with access to MENA and frontier markets.”
“EFG Hermes One reflects our commitment to innovating on the product front to meet the changing needs of our diverse client base. Our partnership with Saxo Bank is the natural next step in delivering this vision as we continue to create value for our clients and shareholders alike,” added Ahmed Waly, EFG Hermes Co-head of Securities Brokerage.