Consumer Financing Services Agreement:
On 12 May 2022, valU Consumer Finance S.A.E. (“valU”), a fully owned subsidiary of EFG Hermes Holding S.A.E., entered into an Agreement with Amazon for the Provision of Consumer Financing by valU as a Payment Method on amazon.eg (the “Commercial Agreement”). Pursuant to the terms of the Commercial Agreement, valU will make some of its consumer financing products available to eligible customers on amazon.eg, providing these customers the option to split the total cost of purchases into multiple payments by using valU.
On 12 May 2022, in connection with the entry into the Commercial Agreement, EFG Hermes and Amazon entered into an Option Agreement (the “Transaction Agreement”) whereby Amazon agreed to acquire USD10 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 USD 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.
About EFG Hermes Holding
With a current footprint spanning 13 countries across four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 years of success to transform from a pure-play investment bank in MENA into an impact-driven universal bank in Egypt with the leading investment bank franchise in Frontier Emerging Markets (FEM). Drawing on our proven track-record and a diverse team of talented employees, we provide 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.
And most recently the acquisition of majority stake in aiBANK allowed the firm to offer commercial banking products and services.
Through its three verticals, the Investment Bank, Non-Bank Financial Institutions (NBFI) and Commercial Bank, the group is perfectly positioned to consistently bring disruptive financial products and services to the market space, offering a holistic portfolio that best serves its growing base of individual clients and businesses of all sizes.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Oman | Jordan | Pakistan | UK | Kenya | USA | Bangladesh | Nigeria | Vietnam