Egypt's EFG-Hermes, one of the Middle East's largest investment banks, said on Sunday it had launched a wholly-owned subsidiary, EFG Hermes Leasing, that would start operations immediately.

The firm said in a statement that the subsidiary would provide leasing services to large corporates and small and medium enterprises across Egypt.

The size of the portfolio of EFG-Hermes Leasing is EGP900 million ($118 million), Wael Ziada, the subsidiary's executive chairman told reporters.

The subsidiary had signed two leasing facilities with Lebanon's Bank Audi and Qatar National Bank (QNB), he added.  – Reuters