Al-Afifi will use his more than 20 years of experience to lead the ever-expanding non-bank financial sector and usher in a new chapter in its growth trajectory.
Cairo: EFG Hermes Holdings, the comprehensive bank in Egypt and a leading investment bank in emerging and frontier markets specializing in creating positive payouts, today announced the appointment of Alaa Al-Afifi to the position of Chief Executive Officer of Non-Bank Finance ( NBFI) at EFG Hermes, effective 1 August 2022. In his new role, Al-Afifi will be responsible for the various activities of the non-banking finance sector of EFG Hermes, with the exception of Valeo, the leading buy-now and pay-as- you-go (BNPL) financial services technology platform to enhance the advanced lifestyle The non-executive board represents the majority stake in Valeo. Al-Afifi’s responsibilities will also include developing the operations of the non-banking finance sector (NBFI) by adding more new products and services, either through the company or through acquisitions.
Al-Afifi has over 23 years of experience at a group of major domestic and international companies and institutions, including Goldman Sachs and Citadel Holdings, in addition to working in the promotions and underwriting team for EFG Hermes. He holds an MBA from The Wharton School of the University of Pennsylvania. Al-Afifi recently held the position of Co-CEO of Pharos Holding for Financial Investments, where he was instrumental in founding “Kashat” the emerging financial services technology company, the first Egyptian company to specialize in “nano” microfinance, and he recently participated in the establishment of the “Nano” company Group 46» specializing in the field of real estate investment management and real estate consulting in Egypt.
It is worth mentioning that EFG Hermes has a firm belief in the tremendous growth potential of the non-banking financial sector (NBFI) since its establishment in 2015. The company has made major investments to grow the company’s non-banking financial sector. expand portfolio to include microfinance, factoring and financing activities Real estate, electronic payments and insurance.
The company confirms its continued commitment to expand in this sector, which was reflected in its recent acquisition of “Fateora” company by “Tanmia”, as EFG Hermes looks forward to strong digital services and platforms in the coming period rely on. Al-Afifi, in collaboration with a distinguished management team, will implement the company’s strategy with more institutionalization and rehabilitation of the company to achieve its financial goals once market conditions improve.
In this context, Karim Awad, CEO of EFG Hermes, expressed his happiness on the return of one of the most prominent experts like Al-Afifi, who will be a great addition to the EFG Hermes team. Awad added that Al-Afifi’s great experience and sound thinking will be one of the main points to write the new phase of growth and diversification of the non-banking finance sector (NBFI) in the group. Awad indicated that this sector could see further expansion and remarkable success under the new leadership, and expressed confidence that this trend would continue under Al-Afifi’s watch.
– is over –
About EFG Hermes Holding
EFG Hermes Holdings (HRHO.CA Code: EGX; EFGD: LSE) has a direct presence in 13 countries across four continents, as the company originated in the Egyptian market and has expanded over 38 years of continuous performance to transform from an investment bank in the Middle East region only after a Comprehensive bank in Egypt and the leading investment bank in emerging and frontier markets. The company has a professional team capable of providing a unique package of financial and investment services, ranging from promotion, underwriting, asset management, stock broking, research and direct investment in emerging and frontier markets. In the Egyptian market, the company has a leading platform in non-bank financial services, covering various activities, including microfinance, financial leasing and factoring, as well as buy now and pay later (BNPL), real estate financing and insurance.
With its recent acquisition of a majority stake in aiBANK, it has also enabled the company to offer banking products and services.
The three business sectors, Investment Bank, Non-Bank Finance and Commercial Bank, have contributed to consolidating the leading position unique to the company and improving its ability to launch more financial products and services, contributing to the providing a comprehensive package of services to meet the needs of its clients, individuals and companies of all sizes, and providing access to new clients.
We are proud to be in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Amman | Jordan | Pakistan | United Kingdom | Kenya | USA | Bangladesh | Nigeria | Vietnam
For more information please contact:
Media Relations Division of EFG Hermes Holdings
Head of Marketing and Communications at EFG Hermes Holding firstname.lastname@example.org