Egypt’s first private factoring firm Egypt Factors has appointed banking veteran Hisham Haikal as managing director.

Haikal moves to the firm from his role as chief executive officer at Ireland’s private business services company Integrated Financial Services (IFS).

Before IFS, Haikal was managing director and vice-chairman at the Egypt office of ratings agency Fitch. He also worked at CIB Corporate Banking Group for a decade.

Furthermore, Egypt Factors has chosen Ahmed Shaheen as a general manager.

The company describe Shaheen as “a major driving force in the company during the past years”.

Egypt Factors is a joint venture between Malta’s Fimbank, the IFC, the Commercial International Bank of Cairo and CIB Social Insurance Fund.

The firm is a member of the world’s biggest network of independent factoring companies, Factors Chain International.