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EFG-Hermes Buys Nigerian Brokerage in Frontier Markets Push

  • Acquisition adds to EFG’s operations across nine countries
  • Investment bank started Kenyan operation in July last year
Updated on

EFG-Hermes Holding SAE bought Nigerian brokerage and research house Primera Africa Securities Ltd. as the investment bank seeks to expand in frontier markets across Africa and Asia.

The acquisition marks Cairo-based EFG Hermes’s second foray into sub-Saharan Africa after receiving a Kenyan stockbroking license in July 2017, extending its reach to 12 countries including Kuwait, Saudi Arabia and Oman.