Egypt's EFG-Hermes board member and head of brokerage Sherif Cararah has resigned, Chief Executive Yasser el Mallawany said on Sunday.

Mallawany said the resignation would help reduce costs at Egypt's biggest investment bank.

"It was a normal succession. It was planned last year," he said. "He managed to make EFG-Hermes a better place during his 15 years here."