Egypt’s investment bank EFG Hermes announced on Sunday it had appointed Saud Altassan from Bank of America (BofA) as chief executive of EFG Hermes Saudi Arabia.
The move is part of EFG’s plans to expand in the kingdom, one of its key growth markets.
Altassan was head of investment banking at BofA for the kingdom, EFG said in a statement on Sunday.
“The kingdom of Saudi Arabia represents one of the investment banking division’s most important avenues for growth,” EFG Hermes chief executive Karim Awad said in the statement.
“In his new role, Mr 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.” Awad added.
EFG serves frontier and emerging markets and its footprint spans over 13 countries including Jordan, the UAE, Saudi Arabia, the UK, Bangladesh, and Nigeria.
With operational history of more than three decades, EFG offers research and wealth management services. In select markets, the group also offers leasing, consumer finance and micro finance services.
Altassan brings 15 years of rich experience to the new role. Before joining BofA, he served as chief executive of Swicorp, a private financial services group specialising in private equity, asset management and investment banking in Mena.
Saud Altassan, new chief executive of EFG Hermes Saudi Arabia
Earlier in his career, Altassan held positions at NCB Capital’s investment banking joint venture with Goldman Sachs and at Banque Saudi Fransi in project finance and syndication.
“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,” Altassan stated.
Saudi Arabia’s capital market is the largest in the region and evolving fast, Mohamed Ebeid, co-chief executive of investment banking at EFG Hermes, said.
“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,” Ebeid added.
In February, First Abu Dhabi Bank (FAB), the top lender in the UAE by assets, made a non-binding offer to buy a majority stake in EFG Hermes.
FAB made its offer for a potential cash acquisition of a majority stake not less than 51 percent of EFG’s issued share capital both entities said in regulatory filings at the time.
