No current plan for debuting EFG Hermes Finance on stock market: Group’s MD

No current plan for debuting EFG Hermes Finance on stock market: Group’s MD

No current plan for debuting EFG Hermes Finance on stock market: Group's MD

The EFG Hermes Virtual Investment Conference has continued its activities on Wednesday with the attendance of 480 investors from 72 investment companies and institutions from around the world. The conference is scheduled to last until 30 June.

EFG Hermes Managing Director Karim Awad said the group has no current plan to debut its non-banking financial institution (NBFI) platform, EFG Hermes Finance, on the stock market. He noted, however, that the plan could be presented to the Board of Directors and stakeholders at a later time.

He added that EFG Hermes Finance is able to withstand the consequences of the ongoing novel coronavirus (COVID-19) pandemic. The partnership with Tokyo Marina Insurance is also ensuring the group's activity growth and enhancing opportunities for its non-banking activity.

Speaking on the sidelines of the conference, EFG Hermes CEO Mohamed Ebeid said that it is currently difficult to talk about proposals and future plans. This is especially as the market conditions are controlling the offerings operations during the current period. He added that the fourth quarter (Q4) of 2020 could be a somewhat appropriate time for government proposals.

Ebeid pointed out that stock levels