EFG-Hermes reorganizes existing resources to provide greater strategic focus to the region

Hassan Heikal, Co-Chairman and CEO of the EFG-Hermes group will spearhead regional expansion plans; replacing Mustafa Abdel-Wadood as acting CEO in the UAE, and continuing to grow the firm's presence in Saudi Arabia and Lebanon. He will also focus on developing opportunities in other markets in the region currently on the firm's radar screens.

"Since formally establishing a regional presence over a year and half ago, the firm has seen sustainable growth both financially and operationally, as reflected in superior financial performance, as well as the launch of operations in new markets," said Heikal.

"From a strategic standpoint, this accelerated growth has to be accompanied by some refocusing of our existing resources within the region in order to consolidate our expansion," he added.

Also in line with the shift to greater regional focus for the firm, Ramsay Zaki, Chief Financial Officer for the group will move to Saudi Arabia to spearhead the firm's roll-out in the Kingdom.

Heikal explained that the moves provide a diversified management structure, ensuring key leadership strength in the group's three hubs - Egypt, the UAE and Saudi Arabia -, building on the appointment of Shayne Elliott, former Citigroup Global Transaction Services head for Asia Pacific, as group Chief Operating Officer, based out of Cairo, in March this year. Further announcements relating to organizational changes are to be expected over the coming months as the company continues its regional expansion.

In May, EFG-Hermes was granted an investment banking license by the Capital Markets Authority of the Kingdom of Saudi Arabia. Also earlier in the year, the firm announced the acquisition of 20% of the shares of Bank Audi -Audi Saradar Group S.A.L., the second largest bank in Lebanon.