Global Finance names EFG Hermes 'Best Investment Bank in Egypt'

Despite challenges to global and regional markets last year that saw regional competitors struggle with profitability and the collapse of global giants, EFG Hermes closed 2008 with nearly LE1bn in net income and a strong, highly liquid balance sheet with LE3bn in cash and cash equivalents. A decisive cost-cutting program that began late last year has seen EFG Hermes remain comfortably profitable this year and supported the roll-out of operations in new territories.

Last year, the firm directly entered the Kuwaiti and Omani markets for the first time. Global Finance cited EFG Hermes' financial strength and determined regional expansion in naming it Best Investment Bank in Egypt.

"This award comes after a remarkable year that saw EFG Hermes flourish as many in our peer group struggled," said Sherif Cararah, EFG-Hermes Securities Brokerage Managing Director. "With two key acquisitions and the recruitment of CEOs for Saudi Arabia and for the GCC ex-Saudi, we are now leveraging our full service offering across all our points of presence."

While the firm's Brokerage division continues its leadership of five direct and six indirect markets, the Investment Banking division last year executed the first simultaneous IPOs in the Arab world: A $273m offering for Maridive Oil Services and a $343m IPO for Palm Hills Development.

EFG Hermes is the second-largest emerging markets investment bank globally. This year, EFG Hermes Investment Banking has advised on landmark transactions including Paltel's $1.6bn merger with Zain Jordan, and Actis' $244m acquisition of a 9.4% stake in Egypt's Commercial International Bank. The division is also leading the market with work on debt arrangement, with a soon to be finalized advisory on a fully underwritten $1.1bn package.

"It is always an honor to be recognized by your global peers," said Karim Awad, EFG Hermes' Head of Investment Banking. "Never has that statement been more true than today given the challenges global markets have faced in the last two years."

The Best Investment Bank award also considers efforts to overcome difficult market conditions, pricing and after-market performance of underwritten securities. According to Global Finance, the award winning banks are not necessarily the biggest, but rather "the ones that corporations should consider when looking for a financial adviser to meet their investment banking needs."