Egyptian investment bank EFG Hermes has agreed to acquire Nigerian brokerage and research firm Primera Africa. Financial terms of the agreement were not divulged.

Headquartered in the Nigerian city of Lagos, Primera Africa provides brokerage and research services to domestic and international investors.

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The deal will establish Nigeria as a hub for EFG Hermes’ expansion into West Africa.

The transaction is expected to close by the end of next month, subject to regulatory approval.

Following the completion of the transaction, Primera Africa will operate under the EFG Hermes brand.

EFG Hermes Holding Group CEO Karim Awad said: “Nigeria is our fourth direct entry as we continue our strategy of expanding our geographic footprint in high-potential, frontier emerging markets.

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“At the close of this transaction, we will have a direct presence in 12 jurisdictions on four continents to serve our global institutional investors, regional high-net-worth individuals, and local retail investors.”

In the last 12 months, EFG Hermes has expanded into various countries including Pakistan, Kenya and Bangladesh.

Further, it has received regulatory approval from the FCA recently to operate in the UK.

“We have been consistently focusing on ramping up our services in newly-entered markets, which resulted in the firm being ranked as the number one frontier market brokerage firm in the 2018 Extel Survey, advancing from the ninth place a year earlier. Most recently, the Firm also concluded its advisory to international microfinance lender ASA International (ASAI), an entity with significant African presence, on its GBP125m initial public offering on the London Stock Exchange (LSE),” Awad added.