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Egyptian investment bank EFG Hermes will start offering factoring services in early July as part of a push into non-banking services, chief executive of EFG Hermes Finance, announced Monday.
Factoring is a financial transaction in which a company sells its debt to a third party at a discount for immediate financing so that it can begin operations.
EFG Hermes obtained the necessary licence to start offering factoring services last March, Walid Hassouna further said in a conference in Cairo.
EFG Hermes, one of the largest investment banks in the Middle East, said earlier in December it expected non-financial services to account for more than 10 percent of the group’s profits in 2017 and that it aimed to raise that to 50 percent by 2020-2021.
