Egypt Factors, a factoring joint-venture between Malta-based trade finance specialist FimBank plc, the International Finance Corporation (a member of the World Bank Group), Commercial International Bank of Cairo and the CIB Social Insurance Fund, has appointed Hisham Haikal as the company’s managing director.

Mr Haikal brings more than 25 years experience in banking and finance to Egypt Factors. Prior to joining the company, Mr Haikal was CEO and vice chairman at Integrated Financial Services, a private company focused on providing financial, management and strategic advisory services.

Earlier in his career, Hisham Haikal held a number of senior positions in prominent financial institutions including that of managing director and vice chairman of Fitch Ratings’ Egypt office. His CV also includes a 10 year stint at CIB - Corporate Banking Group. Meanwhile, Ahmed Shaheen, who has been a major driving force in the company during the past years, has been confirmed in his role as general manager.

Egypt Factors, Egypt’s first private factoring company, offers factoring and other receivables, finance products and services to corporates and SMEs in Egypt.