Work teams across all customs centres continued to process cargo clearance and inspections
Karim Awad, group chief executive of EFG Hermes, said the partnership would help the Egypt-based investment bank's clients get access to SaxoTraderGO platform via its new online trading platform, EFG Hermes One.
"We believe this partnership will generate revenues from year one for EFG-Hermes and we expect that to grow over time," said Awad.
"Globally, there has been a migration towards online and electronic trading and I am confident the Middle East will follow. We are already seeing early signs," he said at a joint Press conference with Saxo Bank.
"We want to revolutionise the way our clients trade and take control of their financial future through innovative product offerings. The launch is the first step in a partnership that will see us expand our brokerage product offering, including those developed in partnership with Saxo Bank," said Awad.
Awad said EFG-Hermes, which also has operations in the UAE, Saudi Arabia, Oman, Jordan and Kuwait, planned to add a number of other digital services in the future, while expanding its "non-bank" offering in Egypt and hiring more staff in the Gulf to offer more products in the region.
Demand
EFG-Hermes expects demand for electronic trading coming from its hundreds of thousands of brokerage clients, particularly in Saudi Arabia, Kuwait and the UAE.
The new platform will allow clients access to financial instruments in both Middle East and North Africa markets as well as global exchanges. Clients will be able to trade across equities, fixed income and foreign exchange from a single account, said Awad.
In response to questions about foreign investor interest in Egypt following its currency flotation early this month, Awad said there is evidence of investor interest in treasury bills which will be of extreme importance to the government in growing bond yields and supporting the currency going forward.
On Tuesday, EFG Hermes reported its consolidated results for the third quarter of 2016, posting group earnings from continuing operations of EGP 41 million on revenues of EGP 294 million, up a solid 28 per cent year on year.
Kim Fournais, Saxo Bank's chief executive and founder, estimated that more than half of trading in the Middle East and North Africa was done electronically.
Fournais said Mena is a market with many interesting trading opportunities. "By integrating Saxo Bank's multi-asset platform with EFG Hermes' regional offering and reach, we are levelling the playing field and enabling a wide range of investors and traders to access a broad range of investment opportunities by equipping them with the latest trading and analytical tools."
"EFG Hermes One reflects our commitment to innovating on the product front to meet the changing needs of our client base. Our partnership with Saxo Bank is the natural next step in delivering this vision as we continue to create value for our clients and shareholders alike," said Ahmed Waly, EFG Hermes co-head of securities brokerage.
"EFG Hermes One gives clients intelligence every trading day to shape their strategies and weekly checkpoints to help them prepare for the week ahead. Research and execution blend seamlessly in EFG Hermes One. Clients can monitor watch lists and trade directly from their research screens - and access intelligence as well," said Ahmed Shams, EFG Hermes head of research.
- issacjohn@khaleejtimes.com
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