Nigeria may be on the radar of Egypt‘s top investment bank, EFG Hermes, as it begins global insurance acquisitions. Reports have it that it has already targeted a top-notch insurance company in Nigeria, which identity is yet to be revealed.
Nigeria’s insurance industry, which hosts 57 insurance and reinsurance firms, and 350 insurance broking outfits, as well as over 1,000 insurance agents is beginning to attract global attention with South Africa and Britain leading the pack of offshore investors in the market.
According to Reuters EFG has revved its push to go global, with its top executive confirming that it has taken a controlling stake in Karachi-based Invest and Finance Securities Ltd., which now operates as EFG Hermes Pakistan Ltd, with a staff of 60 people.
EFG Hermes is equally said to be expecting regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets.
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Apart from Nigeria, Kenya and Pakistan, EFG is eyeing expansion into Bangladesh and Vietnam, according to reports.
The investment bank also has plans to boost its research team to between 12 and 15 from eight over the next 12 months as interest among institutional investors grows in smaller, fast-growing economies in the Middle East, Asia and Africa.
Once it gets the regulatory approval in Kenya, EFG hopes to have an office with 10 to 15 people to serve as a base for Tanzania, Rwanda and Uganda