CAIRO: HC Brokerage (HCB) aims to double its market share in the Egyptian market from 2.5 percent in 2014 to 5 percent by 2016 end, HCB’s Managing Director, Hassan Choucri told The Cairo Post Wednesday, as the company launched three new branches.
HC Securities and Investment, a leading financial institution in the Middle East and North Africa, announced at a Wednesday news conference the launch of three new HC Brokerage branches: two in Cairo’s Maadi and Mohandessin and another in Upper Egypt’s Sohag governorate.
This is a strategic step of HCB’s expansionary plan to expand nationwide and attract new retailers to the stock market, the company said.
12 retail branches by 2016-end
“We will launch a new branch in Zagazig city, capital of Delta’s Sharqia governorate, soon after opening Upper Egypt’s Minya branch, for which we have already submitted a request to get a license,” HCB’s Managing Director said in an interview on the sidelines of the conference.
He added that the expansionary strategy in the retail sector which initially included three branches is targeting them to reach 12 branches in Upper Egypt, Delta, Alexandria and Hurghada by the end of 2016.
Bullish sentiment behind HC’s expansion plan
Speaking at the conference, Hussein Choucri, Chairman and Managing Director, HC Securities and Investment said, “We have a very bullish sentiment about the future and our strategy is based on a long-term outlook.”
He added that the expected market growth during the coming period encouraged (HC) to launch these new branches upon clients’ demand from the selected areas.
HC’s chairman, however, urged the government to reconsider the executive bylaw of a controversial tax on capital gains and dividends and its payment mechanism.
The Egyptian Exchange has been riding a downward wave over the past two months, as the government approved the controversial tax.