Directorate Change

19 Feb 2007 07:00

EFG-Hermes Holdings SAE18 February 2007 EFG-Hermes Holding S.A.E Announcement Throughout the past five years EFG-Hermes has witnessed robust growth bringingmarket capitalization to USD 2.7 billion up from around USD 80 million andexpanding its footprint to become the largest investment bank in the region interms of fee revenue and increasing human resources to become a 600 plusemployee Firm. Supporting this expansion and development was an aggressiveinstitutionalization plan that has brought both growth and stability to theorganisation and will continue to play a major role in EFG-Hermes' ambitiousregionalisation plans. As part of those plans is to implement the best practicesrelating to corporate governance, EFG-Hermes Holding Company S.A.E. announcesthat the Board of Directors has approved Management's recommendation to appointa non-Executive Chairman to the Board. This change comes in line with EFG-HermesHolding's Management strategy of adhering to the best practices relating tocorporate governance issues and in line with the imminent Egyptian CapitalMarket regulations requiring the separation between the Chairmanship and theExecutive Management. There will be no change with respect to the Executive Management of the Firm. This information is provided by RNS The company news service from the London Stock Exchange