EFG-Hermes will shut its brokerage at the Abu Dhabi Securities Exchange by the end of the month in an effort to reduce costs, it said yesterday.
The Egyptian investment bank will instead cater to its institutional clients from its headquarters in Dubai amid dwindling demand in the UAE for buying and selling shares among the public.
"We submitted our intention, but we are still working on the operational issues with the stock market and our clients - informing them that we are no longer operating out of Abu Dhabi," said Mohamed Ebeid, the co-head of brokerage at EFG-Hermes in Cairo.
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