Egypt's EFG Hermes appoints ex-BofA banker as head of Saudi Arabia operations

The Egyptian investment bank says Saud Altassan will lead its expansion strategies in the Arab world's biggest economy

Saud Altassan is appointed chief executive of EFG Hermes Saudi Arabia. Reuters

Egypt's largest investment bank EFG Hermes appointed Saud Altassan as chief executive of EFG Hermes Saudi Arabia, as it seeks to expand in the region's largest economy and one of its key growth markets.

Mr Altassan joins EFG Hermes from Bank of America, where he was head of investment banking for the kingdom, it 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 group chief executive Karim Awad said.

“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.”

EFG Hermes serves frontier and emerging markets and its footprint spans 13 countries including Jordan, the UAE, Saudi Arabia, the UK, Bangladesh and Nigeria.

With operational history of more than three decades, the lender offers research and wealth management services. In select markets, it also offers leasing, consumer finance and micro finance services, according to its website.

Mr Altassan brings 15 years of experience to the new role. Before joining BofA, he was chief executive of Swicorp, a private financial services group specialising in private equity, asset management and investment banking in Mena.

Earlier in his career, Mr Altassan held roles 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,” Mr Altassan said.

Saudi Arabia's capital market is the largest in the region and evolving fast, said Mohamed Ebeid, co-chief executive of investment banking at EFG Hermes.

The Tadawul has reached a market capitalisation of around $3.27 trillion with 215 stocks listed on the main index and 25 stocks listed on the parallel market, according to EFG Hermes.

GCC countries, led by Saudi Arabia, now account for 7.6 per cent of the MSCI Emerging Market (MSCI EM) Index, compared to five years ago when it was 1.6 per cent.

Saudi Arabia on its own accounts for 4.36 per cent of the MSCI EM index currently. The kingdom is set to be included in the FTSE Emerging Markets Governments Bond Index, the investment bank 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,” Mr Ebeid said.

In February, First Abu Dhabi Bank, the top lender in the UAE by assets, made a non-binding offer to buy a majority stake in EFG Hermes.

FAB, as the Abu Dhabi bank is known, made an offer for a potential cash acquisition of a majority stake not less than 51 per cent of the company’s issued share capital both entities said in regulatory filings at the time.