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Monday, 24 December 2018

Egypt’s Misr Capital Investments hires new team to lead restructuring

Banque Misr’s investment banking arm gets new team amid restructuring plans: Misr Capital Investments, the investment banking arm of state-owned Banque Misr, has hired a team (pdf) of veteran investment bankers and financial professionals, giving them a mandate to transform the outfit into a full-fledged investment bank.

Misr Capital Investments’ new co-CEO and MD is Khalil El Bawab (LinkedIn), who joins the bank after a more than 10-year run with EFG Hermes, where he was most recently head of fixed income at the firm’s asset management arm. Joining him are Omar Radwan (LinkedIn), a veteran of HC Securities and EFG Hermes, as chief operating officer, and Omar Ascar (LinkedIn) as senior investment manager. Staffing up in the first quarter is among the team’s first priorities, El Bawab said.

Restructuring + a wide service offering: The new team will aim to restructure the bank’s assets, create new value and put MCI’s existing licenses to work — all while keeping an eye on new opportunities. “We have very promising plans that will compliment Banque Misr’s activities. As an independent entity, we will be providing our bundle of services to public and private institutions,” El Bawab told us, adding that MCI is looking closely at the fintech space amid the Madbouly government’s drive to push for financial inclusion.

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