EFG Hermes’ NBFI business gets a new boss: Our old friend Aladdin ElAfifi (LinkedIn) has been appointed CEO of EFG Hermes’ non-bank financial institutions (NBFI) platform, succeeding Walid Hassouna (who is now running the group’s high-profile valU unit full time), according to a press release (pdf). ElAfifi will assume responsibility for the bank’s NBFI portfolio (with the exception of BNPL unit valU, where he will be a non-executive board member). ElAfifi has more than 23 years of experience at blue-chip companies including Goldman Sachs and Qalaa Holdings and most recently served as Pharos Holding’s managing director and co-CEO. Kashat — Egypt’s first nano-tech lending startup — launched in 2020 during ElAfifi’s tenure at Pharos. He was also a co-founder of real estate management and advisory business, 46 Group in Cairo.

What they said: “With a strong leadership team, ElAfifi is set to implement the firm’s strategy while further institutionalizing the business and readying it for potential monetization when the conditions are right,” EFG said in the release.