After a nearly two-decade run with the firm during which time he was an architect of EFG Hermes' regional expansion and large capital base, Hassan Heikal will leave his post as Co-CEO and his appointment to the firm's Board of Directors to focus on helping devise economic initiatives in Egypt
Cairo, Egypt -- EFG Hermes, the leading investment bank in the Arab world, announced today that EFG Hermes Holding Co-Chief Executive Officer and Board Member Hassan Heikal is stepping down after 18 years of service to the firm.
Heikal's resignation is effective 31 October 2013.
In his notice to the firm's Board of Directors, Heikal expressed his confidence in EFG Hermes' ability to continue its growth and success in the years ahead.
"In my nearly 20 years with the firm, I have been honored to have worked with an outstanding team and with world-class shareholders that have included a number of Arab governments. Our team and our shareholders across the region have been key in facilitating the firm's rise as the largest investment bank in the Arab World. I have every confidence that the firm's young and dynamic management is exactly the right team to deliver the next chapter of this outstanding growth story," Heikal noted.
EFG Hermes Holding stands today a lean organization with significant primary liquidity, no leverage, leading market share across most of its lines of business, and a unique regional footprint. It is simply the leading -- and largest -- investment bank in the Arab world despite of a span of five challenging years including a global financial crisis, a regional debt crisis, the ongoing revolution in its home market and the still-unfolding Arab Spring.
"With my responsibilities at the firm drawing to an end, I will take this opportunity to focus on public service -- among other commitments -- by offering ideas and launching new initiatives that offer long-term solutions to Egypt's fiscal challenges and economic development."
EFG Hermes Holding continues to be led by Yasser El Mallawany as Chief Executive Officer, while Karim Awad serves as CEO of the Investment Bank.
About EFG Hermes
Established in 1984, EFG Hermes is the leading investment bank in the Arab world. The Firm specializes in Securities Brokerage, Investment Banking, Asset Management, Private Equity and Research. EFG Hermes is listed on both the Egyptian and London stock exchanges. The recent acquisition of a 65% stake in Credit Libanais marks the first step towards EFG Hermes's transformation into a universal bank and will enable it to rapidly expand into retail and commercial banking.
Through its operations in Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia and the UAE, with more than 900 employees of 25 nationalities, EFG Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe, Africa and the United States. Our clients include governments, corporations, financial institutions, high net worth clients and individual customers.
For further information about EFG Hermes, please visit www.efghermes.com.
For further information, please contact:
EFG Hermes Media
EFG Hermes Holding SAE
media@efg-hermes.com
Note on Forward-Looking Statements
In this press release, EFG Hermes may make forward looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes' belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management's control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
© Press Release 2013
