December 24, 2017 / 9:10 AM / a month ago

EFG Hermes expects to start factoring services in Q1 2018 - CEO

(Alerts corrected to identify Awad as CEO, not CFO)

CAIRO, Dec 24 (Reuters) - Egyptian investment bank EFG Hermes expects to begin offering factoring services in the first quarter of 2018 as part of a push into non-banking services, EFG CEO Karim Awad said on Sunday.

Factoring is a financial transaction in which a company sells its debt to a third party at a discount for immediate financing so that it can begin operations.

The bank, one of the largest investment banks in the Middle East, said it expects non-financial services to account for more than 10 percent of the group’s profits in 2017 and they aim to raise them to 50 percent by 2020-2021. (Reporting by Nadine Awadalla; Editing by Hugh Lawson)

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