Home Listing method EFG Hermes consumer finance unit reaches deal with Amazon

EFG Hermes consumer finance unit reaches deal with Amazon


Egypt – EFG Hermes Holding, a leading investment banking franchise in frontier emerging markets, announced that one of its main subsidiaries, valU Consumer Finance, has entered into a consumer finance services agreement with global e-commerce giant Amazon.

Following the signing of the agreement to provide consumer finance by valU, as a payment method on amazon.eg, Amazon customers will have the option to split the total cost of purchases into multiple payments using valU .

With a current footprint spanning 13 countries on four continents, EFG Hermes Holding has grown over 38 successful years to transition from a pure-play investment bank in the Mena region to an impact-focused universal bank in Egypt. with the first investment banking franchise in FEM.

As part of the completion of the commercial agreement, EFG Hermes and Amazon today (May 12) entered into an option agreement whereby Amazon agreed to acquire $10 million in GDR EFG Hermes with the option to replace this investment with valU at a later date, resulting in a 4.255% equity interest in valU’s issued share capital, based on a current post-money valuation of valU of $235 million.

The option may be exercised before or upon the occurrence of a value-qualifying liquidity event, in the form of an independent investment involving third-party investors, a sale, an initial public offering or of another listing event, based on the terms and conditions of the transaction agreement.

And more recently, the acquisition of a majority stake in aiBANK has enabled the company to offer commercial banking products and services.

Leveraging its proven track record and a diverse team of talented employees, EFG provides a wide range of financial services including advisory, asset management, securities brokerage, research and private equity in the entire GEF region.

In our home country, we have the fastest growing Non-Banking Financial Institutions (NBFI) platform with operations spanning Microfinance, Leasing, Factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage financing and insurance.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).