RIYADH: EFG Hermes fintech subsidiary, valU, intends to expand in Saudi Arabia and North Africa next year following strong growth in its home market of Egypt, according to CEO Walid Hassouna.
valU is also working on issuing a new tranche of bonds worth 500 million Egyptian pounds ($31.8 million) in the first half of 2022, as part of a 2 billion Egyptian pounds program through 2023, Hassouna told Asharq on Thursday.
The company will also be seeking acquisitions in Egypt next year, including companies that do not operate in the same field, but serve the same customers, he said.
valU revenues are expected to double to 4 billion Egyptian pounds in 2022 after doubling to 2 billion Egyptian pounds this year, he said.
EFG Hermes, the largest investment bank in the Middle East, provides leasing, financing, factoring, microfinance, consumer finance, real estate finance, insurance and digital payments through its subsidiaries.
In September, EFG launched a 322 million Egyptian pounds bond for valU, which holds a 12 percent share of the consumer finance market in Egypt, and is looking to increase it to 20 percent, according to Asharq.
