(Bloomberg) -- EFG Hermes hired Saud Altassan, who was the head of investment banking for Bank of America in Saudi Arabia, as its new chief executive officer in the country, as banks look to cash in on a boom in deals.
Altassan joined Bank of America in 2019. Before that, he served as chief executive officer of Swicorp, a financial services group specializing in private equity, asset management and investment banking in the Middle East and North Africa. He also worked at NCB Capital and Banque Saudi Fransi, according to a statement from EFG Hermes.
“The Kingdom of Saudi represents one of the investment banking division's most important avenues for growth,” Karim Awad, EFG Hermes chief executive officer, said in a statement. “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.”
Foreign banks have been trying to build up their Saudi units as initial public offerings and buyouts surge.
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