REG - EFG Holding S.A.E. - EFG Hermes Acquires Minority in Kenzi Wealth

EFG Holding SAEAnnouncement

21/05/2024 07:30

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RNS Number : 2513P  EFG Holding S.A.E.  21 May 2024

EFG Hermes, an EFG Holding Company, Takes a Significant Step in Shaping the
Future of Personalized, Fully Digitalized Investment Solutions by Acquiring a
Minority Stake in Danish Fintech, Kenzi Wealth

Cairo, May 21,2024

EFG Hermes, an EFG Holding company and the leading investment bank in the MENA
region, is pleased to announce that it has acquired a minority stake in Kenzi
Wealth. Furthermore, EFG Hermes is delighted to announce the signing of a
memorandum of understanding with Kenzi Wealth, a renowned Danish digital
wealth manager that uses advanced AI-powered asset management technologies and
investment risk analytics to help investors construct and rebalance their
portfolios.

The new investment and partnership is a significant milestone in EFG Hermes'
digitalization vision that promises to usher in a new era of investment
opportunities for clients. By combining EFG Hermes' vast client network,
award-winning research intelligence, and Kenzi Wealth's innovative AI tools,
EFG Hermes will be able to offer its clients a more efficient and personalized
investment experience. Through AI capabilities, investors will be given a more
advanced and unique way to manage their portfolios and the ability to
customize their investment journey in accordance with their specific needs.

Ahmed Waly, Global Head of Brokerage at EFG Hermes, expressed his confidence
in the collaboration: "We are delighted to join forces with Kenzi Wealth, a
company that shares our commitment to innovation and excellence. This
significant move marks EFG Hermes's foray into the realm of personalized
investment tools using state of the art technology, thereby expanding our
portfolio of products and services. The fusion of our acclaimed research
capabilities with Kenzi Wealth's cutting-edge AI-powered digital Investment
tools is part of our shared vision to introduce a truly comprehensive and
unparalleled end-to-end investment experience that sets a new standard in the
industry."

Mohamed El-Masri, Founder and CEO of Kenzi Wealth, expressed his enthusiasm
for the collaboration: "We are thrilled to join forces with EFG Hermes to
bring sophisticated investment features to clients, including advanced
investment risk analytics, investment selection, portfolio construction, and
rebalancing. This partnership will enable us to offer new investment tools to
investors powered by technology and unrivaled research capabilities."

Kenzi Wealth specializes in tailoring sophisticated investment features to
meet the unique needs of investors. The new venture will also allow EFG Hermes
to introduce advanced technologies to its state-of-the-art trading platform,
EFG Hermes ONE.  EFG Hermes ONE's offering in the near future will be an
end-to-end investment experience from research and trading to portfolio
management on a single platform. This innovative solution, powered by
technology and unrivaled research capabilities, sets a new standard in the
industry.

"We are committed to empowering our clients with the tools they need to make
informed investment decisions and achieve their financial goals," said Ahmed
Waly. "This is just the beginning. There are numerous opportunities for
additional synergies based on EFG Hermes' ambitious fintech roadmap, which
aims to develop a wider range of investment products and services in
collaboration with Kenzi Wealth."

The acquisition of a minority stake in Kenzi Wealth represents EFG Hermes'
 significant commitment to driving innovation in the fintech sector and
democratizing access to sophisticated investment solutions.

- ENDS -

About EFG Holding

EFG Holding (EGX: HRHO.CA - LSE: EFGD) is a trailblazing financial institution
that boasts a remarkable 40-year legacy of success in nine countries spanning
three continents. Operating within three distinct verticals - the Investment
Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and
Commercial Bank (aiBANK) - the company provides a comprehensive range of
groundbreaking financial products and services tailored to meet the needs of a
diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa
(MENA), offers an extensive array of financial services, encompassing
advisory, asset management, securities brokerage, research, and private
equity. In its domestic market, EFG Holding serves as a universal bank, with
EFG Finance emerging as the fastest-growing NBFI platform, comprising
Tanmeyah, a leading provider of financial services in Egypt with a concerted
focus on the micro and small enterprise segments, EFG Corp-Solutions, which
provides leasing and factoring services, Valu, a versatile financial
technology powerhouse, PayTabs Egypt, a digital payment platform, as well as
Bedaya for mortgage finance and Kaf for insurance. Furthermore, the company
delivers commercial banking solutions through aiBANK, a leading provider of
integrated retail, corporate, and Islamic banking products in Egypt.

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait |
Bahrain | Pakistan | UK | Kenya | Nigeria |

 

Learn more about us at www.efghldg.com (http://www.efghldg.com)

For further information, please contact:

May El Gammal

Group Chief Marketing & Communications Officer of EFG Holding

melgammal@efghldg.com (mailto:melgammal@efghldg.com)

 

Omar Salama

Senior Communications Manager of EFG Holding

osalama@efghldg.com (mailto:osalama@efghldg.com)

The EFG Holding Public Relations Team

PublicRelations@efghldg.com (mailto:PublicRelations@efghldg.com)

 

Note on Forward-Looking Statements

In this press release, EFG Holding may make forward-looking statements,
including, for example, statements about management's expectations, strategic
objectives, growth opportunities, and business prospects. These
forward-looking statements are not historical facts but instead represent only
EFG Holding's belief regarding future events, many of which, by their nature,
are inherently uncertain and are beyond management's control and include,
among others, financial market volatility; actions and initiatives taken by
current and potential competitors; general economic conditions and the effect
of current, pending, and future legislation, regulations and regulatory
actions. Accordingly, the readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are
made.

 

 

 

 

 

 

 

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