NBE’s investment arm acquires Pharos Securities Brokerage

The transaction comes in line with the NBE’s plan to establish an investment bank through its subsidiary Al Ahly Capital Holding

  
People and vehicles are seen in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank, in the Fifth Settlement districts of New Cairo

People and vehicles are seen in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank, in the Fifth Settlement districts of New Cairo

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), has signed an agreement to acquire Pharos Securities Brokerage.

The transaction comes in line with the NBE’s plan to establish an investment bank through its subsidiary Al Ahly Capital Holding and expand into non-banking financial services, the NBE’s chairman Hisham Okasha said in a statement on Monday.

Karim Saada, the managing director of Al Ahly Capital Holding, has been appointed as a non-executive chairman of Pharos Securities Brokerage.

With a capital of EGP 5 billion, the company has also contributed to establishing several companies, including the Egyptian Ethylene and Derivatives Company, Ahly Medical Company, and Al Ahly Company for Land Reclamation and Cultivation.

In addition, the company has played a major role as a financial advisor and key partner in the largest agricultural and industrial project for sugar production in Minya with investments of $1 billion.

Source: Mubasher

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