Thursday 7 July 2022

EFG Hermes' consumer financing unit seals deal with Amazon

DUBAI, May 12, 2022

EFG Hermes Holding, a leading investment bank franchise in frontier emerging markets, said one of its key subsidiaries valU Consumer Finance, has entered into a consumer financing services agreement with global e-commerce giant Amazon. 
Following the signing of the Provision of Consumer Financing by valU agreement, as a Payment Method on, the Amazon customers will be given the option to split the total cost of purchases into multiple payments by using valU.
With a current footprint spanning 13 countries across four continents, EFG Hermes Holding has grown over 38 years of success to transform from a pure-play investment bank in Mena region into an impact-driven universal bank in Egypt with the leading investment bank franchise in FEM. 
In connection with the entry into the commercial agreement, EFG Hermes and Amazon today (May 12) sealed an option agreement whereby Amazon agreed to acquire $10 million in EFG Hermes GDRs with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU, based on a current post-money valuation of valU of $235 million. 
The option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU, in the form of an independent investment involving third party investors, a sale, or an initial public offering or other listing event, based on the terms and conditions of the Transaction Agreement.
And most recently the acquisition of majority stake in aiBANK allowed the firm to offer commercial banking products and services.
Drawing on its proven track-record and a diverse team of talented employees, EFG provides a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire FEM region. 
In our home country, we have the fastest-growing non-bank financial institutions (NBFI) platform with operations covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage finance and insurance.-TradeArabia News Service


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