Orascom Financial Holding on Tuesday announced that Onsi Sawiris, the son of Egyptian business mogul Naguib Sawiris, has been appointed as its chairman.

In June, Orascom Investment Holding’s board of directors approved a spine-off, aiming to separate its financial services operations to allow shareholders to make more targeted investments. The split was made official by the Egyptian Financial Regulatory Authority (FRA) later in September.

Onsi has an extensive record of his own in business, as he worked as executive partner in HOF Capital, where he gained much experience in new technologies, including cloud computing and financial technology.

He has also held administrative positions in various international companies such as Drop Technologies, ItaliaOnline, Riverbank, and OPTii Solutions, in addition to his position as chief executive of Gemini Holding, where he was tasked with supporting strategies and implementing digital transformation.

Orascom Financial also named Nils Bachtler as its managing director.