BrazilRisk and wealth advisory Prometeia open office in Cairo to serve the Levant
Italy-based wealth and risk management consultancy Prometeia have launched an office in Egypt as a new operational hub for the Levant.
Founded in Bologna in 1974, Prometeia now operates beyond Italy through bases and representative partnerships in London, Moscow, Istanbul, Lagos and it’s most recently established outlet in Kuwait City, serving clients such as banks, institutional investors and financial services providers through a mix of economic research, analysis, consultancy, and software solutions.
Adding to the mix is a new office in Cairo, intended to serve as an operational hub for the greater Levant, which includes Israel, Jordan, Lebanon, Palestine, Syria, Cyprus and Iraq. The new office in Egypt, the firm says, demonstrates its intention to consolidate its presence in the Middle East region, where it has been active over the past ten years.
As to the Egypt itself, the firm says its practice in the country has been rapidly growing due to long-term collaborations with several local banking groups for which Prometeia provides advisory services, along with software solutions and models for financial and credit risk and credit decision management focused on the corporate, small-to-medium enterprise and retail sectors.
Massimo Pedroni, Prometeia Senior Partner and Head of International Business, said; "Prometeia has been a pioneer in the Egyptian market since 2010, when we started our first project with one of the Top5 lenders of the country, revolutionising its risk management infrastructure and rethinking completely its credit origination process. Now this bank is considered a benchmark of excellence in the local market and we are proud to say that Prometeia contributed significantly to its spectacular growth.”
In Egypt, the firm currently has a local headcount of ten-plus professionals, with a mix of Egyptian consultants, Arabic-speaking specialists from other Middle Eastern locations, and subject matter experts from Prometeia’s European offices. Altogether, the firm boasts of over 800 industry experts, serving upwards of 200 customers across 20 countries, including both private and public institutions.
Market-leader
In the highly regarded RiskTech100 awards issued by Chartis Research in collaboration with Big Four accounting and advisory firm EY, Prometeia was named a 2018 category leader in both the RiskTech and FinTech Quadrants; the former as one of the highest scoring vendors for enterprise stress-testing and reporting and visualisation capabilities, and the latter for data integrity and control solutions for financial services, scoring highly for artificial intelligence and machine learning as well as audit and data lineage, alerting, and workflow capabilities.
Andrea Partesotti, Prometeia’s Head of Enterprise Risk Management, said of the recognition, which followed RiskTech100 category leadership acknowledgment for the firm in 2016; “This is confirmation of the quality of our solutions in the traditional field of Credit Risk, in which we have been consolidating our leadership across EMEA; but also of our double-digit growth in the world of Advanced Analytics, where we have been increasingly investing.”
Prometeia’s founder and current chairman Angelo Tantazzi, served for over ten years as the Chairman of Borsa Italiana, from July 2000 to June 2011, and held the role of Vice President at the London Stock Exchange from 2007 until 2010. In addition, he was a Professor of Economic Policy at the University of Bologna over a nearly two-decade period, and has served on numerous national advisory committees to various branches of the Italian government.
