EFG Hermes, a leading financial services corporation in Frontier Emerging Markets (FEM), has announced the successful completion of its advisory services to Pakistan’s United Bank Limited (UBL) on the sale of the assets and liabilities of its Tanzanian subsidiary, UBL Tanzania (UBLT) to Exim Bank Tanzania Limited. EFG Hermes acted as the sole adviser to UBL on the transaction, which is part of the Pakistani bank’s strategy to reposition and realign itself globally.
“The transaction is a testament to our ability to successfully conclude cross-border mandates involving multiple jurisdictions, laws and regulations. With on-ground presence in 13 countries across four continents and a world-class team of professionals with a stellar track-record in equity, debt and M&A transactions, EFG Hermes is now uniquely positioned to continue its foray into Frontier Emerging Markets,” said Ali Khalpey, CEO of EFG Hermes Frontier.
The UBL advisory is EFG Hermes’ first cross-border M&A transaction in East Africa since entering the Kenyan market in 2017 as a hub and launching pad into East Africa.
“Both of these transactions are indicative of what has been a watershed year for EFG Hermes’ Frontier. We have a strong, dedicated team of professionals in place who have helped us emerge as market and thought leaders within a very short period of time despite less than optimal market conditions,” said Khalpey. “Our first frontier advisory came in 2018 in Southeast Asia with the IPO of ASA International (ASAI) on the London Stock Exchange (LSE)– followed by advisory on Helios Towers’ LSE listing earlier this year and we look forward to more to come.”
With the current momentum and a strong pipeline of deals in newly-entered markets, EFG Hermes Frontier is poised to ramp up its expansion into frontier markets with advisory services that complement the firm’s market-leading brokerage and research offerings.
UBL is Pakistan’s largest private bank with more than 1,390 branches across the country and 19 international branches serving more than 4 million customers. The bank operates in wholesale and retail banking through its presence across 12 countries including the UAE, Bahrain, Qatar, Yemen, UK, Switzerland, China, Oman and the United States.