EFG Hermes' head of investment banking, Ahmed El Guindy, has resigned from his position with the Egyptian investment bank, it confirmed to Reuters on Monday.

Guindy's last working day was May 31, a spokeswoman for the bank told Reuters in an emailed response to questions.

She added Guindy, who was also a member of the bank's executive committee, would "continue to be closely associated with EFG Hermes in a capacity that we will disclose in the right timing".

Two sources aware of the matter said Guindy was setting up his own investment company which would work with small and medium-sized enterprises, with one adding that the firm would be getting seed money from EFG Hermes.

Mostafa Gad and Mohamed Fahmi had been appointed as co-heads of investment banking three months previously, the spokeswoman added. – Reuters