Egypt’s EFG Hermes Says Co-CEO Heikal Quits

EFG Hermes (HRHO.CA), Egypt’s largest investment bank, said its co-chief executive had resigned after 18 years with the firm.

Hassan Heikal, who is also a board member, will leave the company on Oct. 31, according to a statement posted on the company’s website.

Yasser El Mallawany will now be sole chief executive, having previously shared the post with Heikal.

“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,” Heikal said in the statement. He did not elaborate on reasons for his departure.

Heikal, a leading member of Egypt’s business community under former President Hosni Mubarak, was influential in expanding EFG into a regional investment bank. Its other activities include securities trading and asset management, and it employs more than 900 people across the Middle East.

Source: Reuters