The leading bank of Middle East and North Africa has begun its operations in Pakistan. EFG-Hermes is basically a Bank with origins from Egypt, Cairo. It’s after nine years that a foreign brokerage bank has started operating in Pakistan. Recently Pakistan was granted the status of a global emerging market by MSCI aapital in the country. The bank has gained in Invest and Finance Securities Limited a majority of 51% stake.
The chief executive officer of EFG-Hermes Group Mr Karim Awad told that the bank is currently functioning in nine countries which include Qatar, Saudi Arabia, Oman and UAE.
He further said that it is a moment pride for them to work in Pakistan. He acknowledged that there is a lot of potential in Pakistani market. Pakistan has been recognized by MSCI as an emerging market which has further enhanced foreign interest in the country.
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Mr Awad was positive that they can bring a positive change and appeal more foreign companies to Pakistan’s stock market.
To be exact it is expected that this brokerage house could bring around $200-250 million foreign inflow in the country.
The managing director of Pakistan Stock Exchange Nadeem Naqvi welcomed EFG-Hermes in Pakistan. He said that it is honor for the country that EFG-Herme will start operating in the country. It will pave the path for more trade and boost the economy of the nation.