From TheNational. Story by Dania Saadi.

EFG Hermes, Egypt’s largest listed investment bank, is considering entry into sub-Saharan Africa to tap demand for private equity and corporate advisory services, its CEO said.

Growth in sub-Saharan Africa is forecast to reach 5.75 percent in 2015, compared with 5.1 percent in 2014 because of infrastructure investment, a buoyant services sector and strong agricultural production, according to the IMF.

“One territory that might be on our radar screens going forward is sub-Saharan Africa but again that is not something that is immediate,” said CEO Karim Awad.

“It is largely an untapped market and there is growing regional as well as international interest in the countries over there.

“There are untapped economies in need of private equity and foreign direct investment, and we think these are good growth markets going forward.”

In 2013 EFG Hermes advised Dubai-based conglomerate Al Futtaim Group in its first investment in the region.

Al Futtaim bought Nairobi-listed car retailer CMC Holdings for $86 million. It was the bank’s first deal in sub-Saharan Africa.

Qatar National Bank, the country’s largest, bought a 23.5 percent stake in Togo-based Ecobank Transnational.

The sovereign wealth fund International Corp. of Dubai bought a 1.4 percent stake in Nigeria’s Dangote Cement for $300 million.

EFG Hermes has corporate advisory, brokerage, private equity and research services.

Read more at TheNational.