05 April 2016Moustafa El Chiati, an Investment Banking veteran with EFG Hermes, takes up his duties as chief executive officer at EFG Hermes' UAE Operations effective 1 April 2016. El Chiati had successfully led to conclusion the recent IPO of one of the region's leading cheese manufacturers, Domty, on the Egyptian Stock Exchange.
Dubai, UAE - EFG Hermes, the region's leading investment bank, announced the appointment of Moustafa El Chiati as the chief executive officer of EFG Hermes' UAE Operations, the firm's second-largest regional office, established in 2002. A thirteen-year banking veteran, El Chiati has a strong track record of leading high-profile mergers and acquisitions transactions as well as equity and debt offerings to a variety of the firm's clients who operate across multiple industries in various regional markets.
Commenting on the appointment, EFG Hermes Group Chief Executive Officer Karim Awad said, "With the ongoing expansion of EFG Hermes' geographical presence, coverage has become increasingly important to our business and to the value we intend to create for our shareholders. Accordingly, Moustafa El Chiati will move from his position in the firm's Investment Banking Division to become CEO of EFG Hermes' UAE Operations, handling all corporate duties in that jurisdiction. His work ethic, dedication to our core values and accumulated experience will most augment the potential of our UAE business."
El Chiati most recently led the successful initial public offering on the Egyptian Exchange of the Arabian Food Industries Company (Domty) and Edita Food Industries (Edita). His transnational track record also includes Egypt's first successful tradable rights issue, the sale of a leading private hospital to Abraaj Group, the acquisition of Olympic Group by Sweden's Elextrolux AB, and several bond issuances, among other transactions.
The appointment, among others, comes as EFG Hermes takes the first of a number of strategic moves that will set in place the foundation of growth over the next five years. EFG Hermes Finance, the firm's platform in the non-bank financial services sector, recently acquired a majority stake in Tanmeyah, Egypt's leading microfinance provider. Late last month, EFG Hermes disclosed its intent to acquire a controlling stake in Pakistan's Invest & Finance Securities Ltd as it prepares to take its investment banking operations into frontier markets.
About EFG Hermes
With a footprint spanning seven countries in the Middle East and North Africa, EFG Hermes started in Egypt and has grown over 30 years to become the region's leading investment bank. We have a proven track record of providing a wide spectrum of financial services including investment banking, asset management, securities brokerage, research and private equity to clients across the region and beyond. EFG Hermes also owns a 63.7% majority stake in the Lebanese commercial bank Crédit Libanais.
Through our on-the-ground operations in Egypt, Jordan, Kuwait, Lebanon, Oman, Saudi Arabia and the UAE, and with more than 800 talented employees of 25 nationalities, we serve a considerable and diversified client base from the Middle East and North Africa to Europe, Africa and the United States. Our clients include corporations, financial institutions, governments, high net worth clients and individual customers.
In 2015, we launched EFG Hermes Leasing, a wholly owned subsidiary offering leasing services and highly sought-after, value-added advisory to large corporations and SMEs across Egypt.
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© Press Release 2016