EFG-Hermes Appoints First CEO for GCC Operations (Excluding-Saudi Arabia)
Philip H. Southwell joins EFG-Hermes as Chief Executive for GCC operations (excluding-Saudi Arabia) to lead the firm’s continued growth in the Gulf region, bringing nearly 20 years of experience in global and regional financial services to the post
EFG-Hermes, the Arab world’s leading investment bank, announced today the appointment of Philip H. Southwell as Chief Executive Officer for the firm’s operations in the Gulf Cooperation Council (GCC) countries (excluding-Saudi Arabia). Given the importance of the GCC to EFG-Hermes’ expansion plans, Southwell will also be part of the executive management of the Holding Company.
The appointment comes as EFG-Hermes looks to leverage the full investment banking platform across Gulf region in the wake of its acquisitions in key markets last year.
Southwell last held the position of Head of Global Banking for Central and Eastern Europe, Turkey, the Middle East and Africa at Deutsche Bank based in London. He joined Deutsche Bank’s Equity Capital Markets division in 1997, moving among the bank’s offices in London, Hong Kong, Sydney and Tokyo. Southwell set-up and ran the Asia-Pacific business during his tenure with the division.
“Philip has an impressive track record that we are pleased to welcome to our team. He will be a great asset to the firm’s growing operations in the Gulf,” said CEO Hassan Heikal.
“EFG-Hermes already dominates brokerage and asset management in the GCC. Philip’s challenge will be to use that base as the platform to leverage all of the firm’s services from investment banking to private equity,” concluded Heikal.
Southwell has executed some of the business world’s largest transactions, including Hutchison Whampoa’s $5.2 billion sale of Vodafone in 2000 and Halifax’s £6.4 billion initial public offering in 1997. He has extensive experience in international equity offerings and privatizations in Europe, the United States, Japan, Australia and Asia.
“In addition to his international track record, Philip has advised on and completed several groundbreaking transactions and block trades in the MENA region. We are confident that he will help enhance EFG-Hermes’ already dominant position in the Gulf,” said CEO Yasser El-Mallawany.
“EFG-Hermes is an Arab institution run to global standards,” said Southwell, who will assume his duties as of 1st of July 2009. “No regional or global player is better positioned to capture the opportunities that now exist across the GCC, let alone those that will present themselves when global markets begin their upswing. I’m delighted to be joining the firm.”
EFG-Hermes now has a direct presence in five of the six GCC nations, including Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
