ICEC

EFG Hermes names new CEO to finance division

As a step towards improving the efficiency of financial services and non-banking activities, the CEO of EFG Hermes Kareem Awad announced on Monday that banking expert Walid Hasona has been appointed the position of CEO and head of arranging and structuring the debt sector in EFG Hermes’ finance division.

The company relies on its team’s abilities as it acts as a main pillar towards realising these improvements and expansions, said Awad.

This comes as part of the large-scale plan to use the return on investments from phase one of selling Credit Libanais SAL shares, Awad added, as this will improve the service package the investment bank provides to its clients.

This step confirms EFG Hermes’ belief in those supporting the development of non-banking finance markets in the coming period. This is reflected in the company’s success in becoming a top five competitor in the leasing market after launching this service.

This has been compounded by EFG Hermes’ successful acquisition of Tanmeyah company, which specialises in micro-financing.

EFG Hermes will continue expanding and developing the new sector for financial services and non-banking finance activities, Awad added. This will simultaneously strengthen its investment banking services by maintaining its position in the market.

More assets will be added through assets management or through direct investment sectors, rather than advancing the activity of merchant banking to efficiently use the allocated budget which is supported by a high liquidity, Awad said.

The press release issued by EFG Hermes stated that financing expert Fatma Lotfi will provide support and guidance to the team by being assigned the position of non-executive chairperson for EFG Hermes’ finance division.

source: Daily news Egypt

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