The Egyptian Financial Group (EFG) Hermes, a financial service corporation in the Middle East and North Africa (MENA) region, is currently obtaining approvals from regulatory authorities to open its new office in New York in the United States in order to offer services to its clients there, according to a report released by the group on Tuesday.
Karim Baghdady, a prominent financial expert who has worked in Wall Street for nearly 10 years, was announced to be the CEO of the company’s new office in the US. He was recently the director of International Sales at CI Capital in North America.
“We will use the New York office to serve our existing brokerage clients through our on-the-ground presence in eight regional markets. It will also serve as a base for the potential growth of our asset management business across the US,” said Karim Awad, CEO of EFG Hermes. He stressed that the company’s direct presence in different markets encourages North American investors to explore the attractive growth opportunities in these markets, especially in the MENA region.
EFG Hermes is expected to sign an agreement with Brasil Plural Securities LLC in order to continue serving its clients in the US until such time when the procedures of registering EFG Hermes-US in the US Securities and Exchange Commission (SEC) are complete.
EFG Hermes covers a number of markets in MENA, including Egypt, Saudi Arabia, UAE, Kuwait, Oman, and Jordan. It is specialised in securities brokerage, asset management, investment banking, private equity, and research. The corporation serves clients from the Middle East, North Africa, Europe, and the US.