For the past few years our portfolio strategy has focussed on the pursuit of critical mass:the creation and build up of entities, of a scale sufficient to take full advantage of economies of scale at a national level, as a prelude to MENA regionalization; our own scale version of globalization.

From that standpoint the alliance of CIIC and EFG-Hermes, the two leading Financial Institutions represent a momentous event not only for our respective institutions but for the country at large.By combining and harnessing our respective strengths whether human or financial, we have taken a major step towards fulfilling our ambition to promote Cairo as a major regional financial center. The outcome of the deal will result in a clear operational delineation along the respective center of excellence and core competence of each firm. It will deliver substantial leverage and synergies.After simultaneous capital increases, the two firms' pro forma combined capital base will exceed LE 1 billion. In each field of activity the partnership garners a commanding lead over competition.