DUBAI: HSBC Holdings has named Samer Deghaili to head its equity capital markets business in the Middle East and North Africa, a spokesman said yesterday, as activity picks up in the region.
Deghaili replaces Michael Bevan, who will head coverage of Asian sovereign wealth funds in HSBC’s Hong Kong headquarters, said two sources with knowledge of the appointments. Deghaili’s move was later confirmed by the bank.
Equity capital markets activity in the Gulf Arab region is showing signs of recovery as financial markets and valuations pick up after years of sluggish activity. Bankers in the region say more companies have been making initial enquiries about IPOs and secondary share offerings.
Dubai is among the best performing equity markets this year with its benchmark index up 65 percent year-to-date. HSBC revamped its global investment banking operations in July, separating responsibilities for products and client coverage in a bid to drive business growth.
The lender named Mohammed Al Tuwaijri as chief executive of the Middle East and North Africa, replacing Simon Cooper, who was appointed head of the bank’s commercial banking arm.
In his new role, Deghaili who joined the bank in 2010, will report to Adrian Lewis, head of Emea equity capital markets, and regionally to Georges Elhedery, head of markets and capital financing for Mena region. His appointment was effective early September, according to the two sources.
Middle Eastern companies raised $3.2bn from 12 capital market operations during the first half of 2013, a 15 percent decline from the same period in 2012.
Reuters
