EFG Hermes Holding’s investment bank arm, the leading investment bank franchise in Frontier Emerging Markets (FEM), announces the appointment of Saud Altassan as Chief Executive Officer of EFG Hermes, Saudi. Altassan joins from Bank of America where he was Head of Investment Banking, KSA.
According to Industry Sources and EFG Hermes statement, Altassan is a 15-year industry veteran having expertise comprising of leading successful international and local teams on both the buy and sell-side. Prior to joining Bank of America, he was CEO of Swicorp, the private financial services group specializing in private equity, asset management, and investment banking in MENA.
According to EFG Hermes sources, it also added that earlier in his career Altassan also held M&A roles at NCB Capital’s Investment Banking joint venture with Goldman Sachs and at Banque Saudi Fransi in Project Finance and Syndication.
EFG Hermes Holding’s Group CEO Karim Awad stated: “We welcome Saud Altassan to the firm. The Kingdom of Saudi represents one of the investment banking division’s most important avenues for growth. It is exciting to have someone with Altassan’s depth and breadth of experience leading this increasingly important part of EFG Hermes’ franchise. In his new role, Altassan will lead on expansion strategies in the dynamic and ever-growing Saudi market.”
Karim also commented “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. I look forward to the team’s continued success under his stalwart guidance.”
Mohamed Ebeid, Co-CEO of the Investment Bank at EFG Hermes Holding commented: “Saudi’s capital market is the largest in the region and evolving fast. Not only has the Tadawul reached a market capitalization of around USD 3.27 trillion with 215 stocks now listed on the main index and 25 stocks listed on the parallel index, but GCC countries, led by Saudi Arabia, now account for 7.6 percent of the influential MSCI Emerging Market (MSCI EM) Index – just five years ago it was only 1.6 percent.”
Mohamed also commented: “Saudi Arabia on its own accounts for 4.36% of the MSCI EM index today. Similarly, Saudi will soon be included in the FTSE Emerging Markets Governments Bond Index. 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.”
Saud Altassan, Chief Executive Officer of EFG Hermes KSA commented: “I am proud and delighted to be joining one of the most reputable financial services. I have followed EFG Hermes’ development in Saudi over the last decade and have always been impressed by the depth of coverage of the market, advisory capabilities, and clear-sighted client commitment. EFG Hermes has relentlessly built up its brand positioning over the years, and thanks to its unrivaled track record across FEM it has become the advisor of choice for major international, regional as well as local Saudi institutions.”
He further commented: “As Saudi’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. Working with my highly capable colleagues across the firm, I am thrilled to have the opportunity to lead our Saudi efforts. I look forward to joining EFG Hermes’ leadership team and building on the great foundation and growth potential in the business during this exciting phase of market development and growth in the Kingdom.”
