EFG-Hermes to Close Frontier Businesses, Considers UK Exit
- Investment bank to close Singapore office, exit Pakistan
- Firm has presence in UAE, Saudi, Pakistan, UK, US, Bangladesh
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EFG-Hermes Holding SAE, Egypt’s biggest investment bank, will shut down its frontier operations and will close its office in Singapore, according to an internal memo seen by Bloomberg.
The Cairo-based investment bank will also fully exit Pakistan after completing its merger there with Intermarket Securities, according to the memo. The firm is also considering exiting the UK, the document showed.