History
EFG, also known as the Egyptian Financial Group, became the first investment banking firm in Egypt when it was established 1984. Hermes was founded in 1993 under the newly promulgated Capital Markets Law 95. EFG created and analyzed privatization plans for the Egyptian government for several years. In 1993, The Egyptian Financial Group and Hermes independently made a move into securities brokerage. The two companies competed and both companies brought many investment strategies that were common to the west to Egypt as several of the two firm's founders had Wall Street experience in corporate finance, sales & trading and asset management;, for example Hermes established the first equity index in all of Egypt.
In 1994, both Egyptian Financial Group and Hermes entered into asset management. Fueled by organic growth; the two firms also accounted for lead managing a majority of the privatization capital markets IPO's during 1995 and 1996. The two companies soon reached the point that further growth was not possible without a wider network of local and international clients on one hand, as well as the rising competitive threat of international investment banks in the progressively more active Egyptian market in terms of investment baking privatization transactions as well as higher trading volumes . These factors led to a merger in 1996 between EFG and Hermes.
Read more about this topic: EFG-Hermes Holding Company
Famous quotes containing the word history:
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)
“Look through the whole history of countries professing the Romish religion, and you will uniformly find the leaven of this besetting and accursed principle of action—that the end will sanction any means.”
—Samuel Taylor Coleridge (1772–1834)
“The history of our era is the nauseating and repulsive history of the crucifixion of the procreative body for the glorification of the spirit.”
—D.H. (David Herbert)