Franco-Lebanese Samir Assaf. Photo retrieved from the General Atlantic website
Private equity firm General Atlantic announced on Feb. 27 the appointment of French-Lebanese financier Samir Assaf as president for the Middle East and North Africa (MENA) region — a position that has been newly created as the company strengthens its strategic focus on the Middle East.
Assaf, who has had a long career at Total Energies and HSBC, will work with General Atlantic’s teams to identify investment opportunities and build relationships in the MENA region. This move is part of the company’s efforts to expand its global footprint.
As of Sept. 30, 2022, General Atlantic, headquartered in New York, had over $72.6 billion in assets under management across all products in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv, according to information released along with the announcement of Assaf’ appointment.
Since 2015, the firm has been investing in the Middle East, with a portfolio that has now reached $400 million. Some of its investments were made through Dubai-based real estate portal Property Finder or payment solutions provider Network International, which is also based in Dubai and listed on the London Stock Exchange.
“The MENA region is dynamic, with vibrant entrepreneurial activity in many of our focus areas,” stated General Atlantic CEO Bill Ford in the press release.
“General Atlantic has a long history as a global investor that plays an active role in rapidly evolving markets. The Middle East is a region that we are excited about and have had a strong belief in for many years,” added Gabriel Caillaux, Co-President and Head of EMEA at General Atlantic.
In the same statement, Assaf expressed his honor to contribute to General Atlantic’s expansion in the Middle East. He said that he looks forward to leveraging his four decades of investment experience and the company’s global platform to create significant value across the region.
Assaf also highlighted the mission to support innovative growth companies based in entrepreneurial hubs like Riyadh, Abu Dhabi, Dubai, and Doha, help global portfolio companies grow and engage in the MENA region, and partner with the many dynamic organizations and investors in the region.
When contacted by L'Orient-Le Jour, Assaf declined to comment further on his appointment but confirmed the key moments of his personal journey.
Saving HSBC
Born in 1960 in Beirut’s Achrafieh neighborhood, Assaf holds several degrees, including a Bachelor’s degree in economics from the University of Saint-Joseph in Beirut (1982), a DEA in money, finance, and banking from the University of Paris I Panthéon-Sorbonne (1983) and a graduate degree from Science Po Paris with honors (1987).
Assaf started his career in 1988 at TotalEnergies — Total at the time. He became the head of market activities in 1991 andthree years laterjoined Crédit Commercial de France (CCF), a French bank founded in 1917 that was acquired by HSBC in 2000.
At CCF, Assaf played a decisive role as the head of the bank’s market activities in its integration into the British banking group, HSBC.
In 2001, Assaf became the deputy managing director of the new French subsidiary of HSBC. He then transitioned to a new role in 2003 as the head of HSBC’s Fixed Income business. Three years later, he was promoted to the position of Head of Fixed Income, Foreign Exchange and Equities for Europe, the Middle East and Africa in 2006.
Assaf’s career continued to grow, and he was appointed Global Head of the Group’s Market Business in 2008.
During one of the most severe financial crises in history and following the collapse of the American investment bank Lehman Brothers, Assaf played a pivotal role in helping HSBC withstand the economic downturn and prevent further damage to its share value.
In 2009, he played a significant role in bolstering HSBCs capital base by issuing new shares and raising £12.5 billion on the markets, which had a crucial impact on the group’s financial well-being.
Later in 2010, Assaf was appointed as the Chief Executive Officer (CEO) of HSBC’s investment and markets division, becoming the group’s second-in-command, a position he held until 2021.
Multiple activities
In 2021, Assaf also joined General Atlantic as a senior advisor to offer guidance in several areas such as sourcing, developing relationships with contractors, and supporting portfolio companies.
“Samir has brought great value to our teams and portfolio. We look forward to benefiting from his extensive experience and network across the Middle East to strengthen our engagement with contractors and strategic partners,” commented Bill Ford in the company’s Feb. 27 statement.
Assaf continues to support HSBC as an advisor and non-executive chairman of the boards of HSBC Bank Middle East Limited and HSBC Middle East Holdings BV. He is also a member of the advisory board of BeyondNetZero, a private equity firm’s climate solutions fund.
Since May 2022, Assaf has also been a member of the USJ High Council.He has also held a seat on the Strategic Council since 2014.
In addition, he is a member of one of the committees that guide the activities of Alfanar, a charitable organization that works in Arab countries.
Finally, his name has come up several times in the public debate since the beginning of the Lebanese crisis as one of the potential successors of Lebanon’s Banque du Liban Governor Riad Salame, along with the former Lebanese labor minister and expert in debt restructuring for emerging markets, Camille Abousleiman and the former Minister of Finance and current Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), Jihad Azour — a mention that has not gone beyond the stage of speculation.
This article was originally published in French in L'Orient-Le Jour. Translation by Sahar Ghoussoub.