Saudi Arabia -  EFG Hermes Holding’s investment bank arm, the leading investment bank franchise in Frontier Emerging Markets (FEM), has appointed Saud Altassan as Chief Executive Officer of EFG Hermes, Saudi Arabia. Altassan joins from Bank of America where he was Head of Investment Banking, KSA.

Altassan brings more than 15 years’ experience to the role, including leading successful international and local teams on both the buy and sell side.

Prior to joining Bank of America, he was CEO of Swicorp, the private financial services group specialising in private equity, asset management and investment banking in Mena. Earlier in his career Altassan also held M&A roles at NCB Capital's Investment Banking joint venture with Goldman Sachs and at Banque Saudi Fransi in Project Finance and Syndication.

Avenues for growth

“We welcome Saud Altassan to the firm,” said EFG Hermes Holding’s Group CEO Karim Awad. “The Kingdom of Saudi Arabia represents one of the investment banking division’s most important avenues for growth. It is exciting to have someone with Altassan’s depth and breadth of experience leading this increasingly important part of EFG Hermes’ franchise. In his new role, Altassan will lead on expansion strategies in the dynamic and ever-growing Saudi market.

“His on-the-ground expertise and leadership in the bulge bracket are both well-known and respected in the Mena financial industry, making him a perfect fit for EFG Hermes today. I look forward to the team’s continued success under his stalwart guidance.”

“Saudi’s capital market is the largest in the region and evolving fast,” said Mohamed Ebeid, Co-CEO of the Investment Bank at EFG Hermes Holding. “Not only has the Tadawul reached a market capitalisation of around $3.27 trillion with 215 stocks now listed on the main index and 25 stocks listed on the parallel index, but GCC countries, led by Saudi Arabia, now account for 7.6% of the influential MSCI Emerging Market (MSCI EM) Index – just five years ago it was only 1.6%. Saudi Arabia on its own accounts for 4.36% of the MSCI EM index today.

“Similarly, Saudi Arabia will soon be included in the FTSE Emerging Markets Governments Bond Index. Investors of all types are looking at the region with fresh eyes, which is why this is an exciting time to be part of EFG Hermes’ Saudi growth story.”

Brand positioning

“I am proud and delighted to be joining one of the most reputable financial services institutions in the region,” added Altassan.

“I have followed EFG Hermes’ development in Saudi over the last decade and have always been impressed by the depth of coverage of the market, advisory capabilities and clear-sighted client commitment. EFG Hermes has relentlessly built up its brand positioning over the years, and thanks to its unrivalled track-record across FEM it has become the advisor of choice for major international, regional as well as local Saudi institutions.

“As Saudi Arabia’s capital markets develop, deepen and demand a greater range of capital markets skills, I am convinced there is no franchise better equipped than EFG Hermes to navigate the intricate interplay between international capital and local opportunities. Working with my highly capable colleagues across the firm, I am thrilled to have the opportunity to lead our Saudi efforts.

“I look forward to joining EFG Hermes’ leadership team and building on the great foundation and growth potential in the business during this exciting phase of market development and growth in the kingdom.”

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