Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) has named Aladdin ElAfifi as the new CEO of its non-bank financial institutions (NBFI) platform, according to a press release on Wednesday.
ElAfifi will lead the firm’s NBFI portfolio, excluding the Buy-Now, Pay-Later (BNPL) fintech platform valU, where he will become a non-executive board member representing the majority shareholder.
The new official, who holds a Master of Business Administration (MBA) degree from the Wharton School of the University of Pennsylvania, assumed his role on Monday, 1 August 2022.
CEO of EFG Hermes, Karim Awad, noted: “I believe ElAfifi’s experience and progressive mindset will be an asset to the next chapter of growth and diversification of the NBFI platform.”
In the first quarter (Q1) of 2022, EFG Hermes reported consolidated net profits worth EGP 448.10 million, an annual hike of 43.50% from EGP 312.13 million.