{"id":607512,"date":"2023-10-04T00:00:00","date_gmt":"2023-10-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/welcome-to-the-hot-seat\/"},"modified":"2023-10-04T00:00:00","modified_gmt":"2023-10-04T00:00:00","slug":"welcome-to-the-hot-seat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/welcome-to-the-hot-seat\/","title":{"rendered":"Welcome to the hot seat"},"content":{"rendered":"

Welcome to the hot seat: <\/strong> Egypt\u2019s position in the regional financial industry is at an inflection point. After competing for years with the UAE, we\u2019re now also competing with Saudi Arabia \u2014 for resources, talent, capital, and investment appetite \u2014 as the kingdom rises as a burgeoning financial hub. And then there is the fallout from the FX crunch, rising interest rates in development markets. And yet there are reasons to be bullish about the industry\u2019s prospects. <\/p>\n

In the opening panel of the Enterprise Finance Forum, we welcomed on stage three <\/strong> leading figures <\/strong> in the financial industry to discuss some of the challenges and opportunities in the sector: HSBC Egypt CEO Todd Wilcox<\/strong>, group CEO of EFG Holding Karim Awad<\/strong>, and Leila Serhan<\/strong>, group country manager and senior vice president for Visa.<\/p>\n

We are most certainly competing with KSA and the UAE: <\/strong> Saudi Arabia isn\u2019t just growing, it is backed by plenty of capital to pour into more of the same, Wilcox said. \u201cThey\u2019re certainly going to be a difficult neighbor [from a competition for opportunity point of view],\u201d he said. Saudi\u2019s GDP is on an upward trajectory with an annual non-oil growth rate of around 5.5%, said Wilcox, adding that this economic engine will continue to thrive for some time.<\/p>\n

Industrialization will help ensure Egypt retains an important position in the regional <\/strong> financial ecosystem <\/strong> : <\/strong> Many of the world\u2019s leading financial centers, including London, New York and Tokyo, developed in countries with strong industrial bases, Wilcox noted. Playing to our strength as a manufacturing hub with with a large real and diversified economy will be key. Finance will follow: \u201cThat\u2019s where the country's moving to and that\u2019s where I think the future and the benefits lie,\u201d he said.<\/p>\n

We still have comparative advantages to KSA: <\/strong> \u201cEgypt has got natural advantages in terms of location, cost of production, industry and logistics,\u201d Wilcox said. \u201cThe Egypt brand plays well in other countries trying to pull in FDI,\u201d he added, pointing to increasing appetite in Asia for Egypt, particularly as manufacturers in China look at a \u201cChina +1\u201d strategy.<\/p>\n

The war for talent is at least as real as the competition for opportunity: <\/strong> The best and brightest are being attracted to Saudi: Compensation is high, living conditions are becoming more and more attractive, and we\u2019re finding that plenty of younger talent wants to move there, said Awad. This competition is going to make it harder for Egyptian banks and financial institutions to retain talent, making it more important that they offer more competitive packages and promote better work-life balance, he added.<\/p>\n

Bringing more women to the table could be a key element in the battle for talent: <\/strong> \u201cWe have a shortage of talent, so this is the chance to go and hire more women and help them grow,\u201d Serhan said, emphasizing the importance of having women in leadership positions. Bringing more women into the industry \u2014 and reintegrating mothers following maternity leave, for example \u2014 \u201cmakes business sense because it would be crazy not to encourage half of the workforce.\u201d<\/p>\n

BUT- Saudi Arabia isn\u2019t just a direct competitor: It\u2019s also a complementary market for <\/strong> Egyptian firms. <\/strong> With its large population of 30+ mn people and healthy capital flows, Saudi has many of the characteristics of a classical emerging market and should be on the list of potential expansion territories for many Egyptian companies, said Awad. \u201cAt EFG we recognized this potential 15 or 16 years ago and we decided to expand there in 2007 because we foresaw it developing into a major hub.\u201d<\/p>\n

Plus, it\u2019s not all rainbows and butterflies in Saudi: <\/strong> Serhan and Wilcox agreed that the Saudi regulatory framework can still be difficult to navigate because of issues related to data usage and protection, among others. \u201cCompanies would need to make a lot of investments in terms of risk management and other compliance related tools\u201d to be able to effectively operate there, Serhan said.<\/p>\n

Egyptian companies have a chance to outsource infrastructure expertise to KSA: <\/strong>There\u2019s a significant opportunity in Saudi for Egyptian infrastructure companies, Wilcox said. \u201cEgypt has done a lot on infrastructure in the last few years, we've got experience that we should be able to take there,\u201d he said.<\/p>\n

CHECKLIST FOR ECONOMIC RECOVERY- Inflows + IMF review + robust monetary policy: <\/strong>Wilcox emphasized the need for rapid reform progress if the country is to transition to a more normal economic environment. Accelerating inflows from FDI and asset sales under the state privatization program, completing the delayed reviews of the IMF program, and rethinking monetary policy ideally should all take place before the end of 1Q 2024, he said. These moves should all be communicated in a clear message to the market that the government is making a decisive shift in its approach to the economy, he added.<\/p>\n

The answer to those high-yields clogging up bank balance sheets? More lending \u2014 when <\/strong> interest rates come down. <\/strong>High-interest certificates of deposits (CDs) weigh on banks\u2019 long-term profitability because it\u2019s difficult for them to lend at similar rates, Awad said. He stressed that banks should look to increase lending and wait out the current unfavorable situation until rates begin to fall. \u201cA lot of the balance sheets of banks today are dedicated to treasury bills rather than lendingor even overdrafts,\u201d he said. Meanwhile, Wilcox told the conference that HSBC\u2019s asset-to-deposit ratio \u201cisn't where it should be\u201d and that the bank needs to be doing more lending. \u201cWe need to see where the yield curve is at. We need to see that inflation is starting to break, and I think we get to a much healthier place.\u201d<\/p>\n

And there are some <\/strong> asks <\/strong> for the regulator: <\/strong>Wilcox highlighted the need to amend digital regulations enabling electronic signatures, cloud services, and facilitating data movement. There\u2019s also work that needs to be done on the data privacy and security front, particularly with advances in artificial intelligence: \u201cAI is not going to happen in your backyard data center, but rather in the cloud,\u201d Serhan said. \u201cYou don\u2019t want to be in an industry that is behind because of a lack of or restraining regulations.\u201d<\/p>\n

And our regulators need to remember that we\u2019re in a global competition: <\/strong>Asked what he would request of the regulator if given one wish, Awad said: \u201cSpeed, speed, speed.\u201d Egypt is moving forward, but other countries are racing, Serhan and Wilcox agreed.<\/p>\n

One area where we\u2019re not behind: Fintech. <\/strong> \u201cEgypt is obviously standing out in terms of fintech innovation,\u201d said Serhan. Egypt, along with Nigeria, Kenya, and South Africa have not experienced a slowdown in capital inflows, unlike Gulf countries which have experienced a \u201cmajor slowdown attributed to founders and to equity investors becoming more demanding.\u201d <\/p>\n

Expect more consolidation in fintech than in the traditional finance sector, whatever <\/strong> happens with the state asset sale program. <\/strong> Wilcox expects to see consolidation happen in the fintech sector more than in the traditional banking sector. \u201cFintech startups are built for M&A because they want to build scale and that\u2019s where the money is,\u201d he said. <\/p>\n

What will trigger M&A activity in banking? <\/strong>Traditional banks will eventually catch up with the consolidation drive especially if the regulator insists they start to scale and build their capital base, said Wilcox, adding that \u201cbanks will need to grow bigger and deeper\u201d if they want to compete regionally and attract foreign investments. <\/p>\n

A marriage of <\/strong> banks <\/strong> and fintechs? <\/strong>Awad and Serhan explained that consolidation between traditional banks and fintechs is an effective way for banks to improve their tech offerings and for fintechs to scale. \u201cLarger financial institutions weren\u2019t initially built for tech and that\u2019s why they are looking to acquire smaller fintech companies because they need that marriage,\u201d said Awad. Serhan also highlighted the requisite regulatory licensing changes needed to facilitate this transition for traditional banks.<\/p>\n

What are the pressing questions keeping so many of us in the industry awake at night? <\/strong> In brief, it\u2019s <\/strong> about how to future <\/strong> -proof. <\/strong> While Wilcox expressed concerns over future external shocks, Awad said that for EFG it\u2019s all about how to stay ahead of emerging trends, while Serhan contemplated the imminent influx of young people into the financial sector as clients \u2014 particularly Gen Z \u2014 stressing the necessity of understanding their behavior and serving them better with advanced technology. <\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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Our first-ever large-scale event, with more than 200 C-suite execs, bankers, investors, DFI folks wouldn\u2019t have been possible without the support of good friends who are\u2026","rel":"","context":"In \"EnterprisePM\"","block_context":{"text":"EnterprisePM","link":"https:\/\/enterpriseam.com\/egypt\/tag\/enterprisepm\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572821,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/todd-wilcox-tapped-as-hsbc-egypt-ceo-prime-securities-appoints-amr-el-alfy-as-head-of-research-walid-nagy-appointed-first-deputy-ceo-of-egyptian-arab-land-bank-in-jordan\/","url_meta":{"origin":607512,"position":2},"title":"Todd Wilcox tapped as HSBC Egypt CEO; Prime Securities appoints Amr El Alfy as head of research, Walid NAgy appointed first deputy CEO of Egyptian Arab Land Bank in Jordan","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"HSBC Egypt has tapped Todd Wilcox (LinkedIn) as CEO and deputy chairman, according to a statement (pdf). Wilcox succeeds Jacques-Emmanuel Blanchet, who led the Egypt arm of the bank for the past six years. Wilcox was previously deputy CEO of HSBC China. MOVES- Amr El Alfy (Linkedin) has been appointed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":606499,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/this-evening-valu-closes-sixth-securitized-bond-issuance-worth-egp-922-3-mn\/","url_meta":{"origin":607512,"position":3},"title":"THIS EVENING: Valu closes sixth securitized bond issuance worth EGP 922.3 mn","author":"enterpriseam admin","date":"17 September 2023","format":false,"excerpt":"Good afternoon, wonderful people, and happy Sunday. We\u2019re kicking off this week on a relatively calm note. THE BIG STORY TODAY Valu issued EGP 922.3 mn worth of securitized bonds as part of a new EGP 4 bn securitization program, according to a statement (pdf). The single-tranche issuance has a\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/911.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622112,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/27\/efg-hermes-aims-to-have-non-bank-financial-services-deliver-50-of-profits-by-2021\/","url_meta":{"origin":607512,"position":4},"title":"EFG Hermes aims to have non-bank financial services deliver 50% of profits by 2021","author":"enterpriseam admin","date":"27 November 2018","format":false,"excerpt":"EFG Hermes aims to have non-bank financial services deliver 50% of profits by 2021: EFG Hermes aims for non-banking financial services to account for 30% of its total profit by year-end and 50% by the end of 2021, CEO Karim Awad told Reuters. The investment bank is looking to get\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/779.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591574,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/taking-efg-hermes-to-the-next-level-karim-awad-tells-us-the-full-story-in-this-weeks-episode-of-making-it\/","url_meta":{"origin":607512,"position":5},"title":"Taking EFG Hermes to the next level: Karim Awad tells us the full story in this week\u2019s episode of Making It","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"Karim Awad takes a deep dive into the building of EFG Hermes 3.0 in the third episode in the debut season of Making It, our podcast on how to build a great business in Egypt. The financial world can seem abstract and impenetrable to the uninitiated. But in the latest\u2026","rel":"","context":"In "Worth Listening"","block_context":{"text":"Worth Listening","link":"https:\/\/enterpriseam.com\/egypt\/category\/worth-listening\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607512"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607512\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607513"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607512"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607512"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}