Five QInvest senior managers leave following CEO departure

Tue Nov 27, 2012 11:46am EST

Related Topics

* Five managers leave following departure of CEO

* JV with EFG Hermes not yet approved by Egypt's regulator

DOHA Nov 27 (Reuters) - Five senior managers at QInvest, the Qatari investment bank forming a joint venture with Egypt's EFG-Hermes, have left the firm following the departure of its former chief executive last week, QInvest said in a statement on Tuesday.

The heads of investment banking, financial institutions and structured finance, placement and wealth management, corporate services and risk management and compliance are no longer with the company, a spokesman said.

Last week QInvest said it had appointed Tamim al-Kawari as its chief executive officer, replacing Shahzad Shahbaz. Kawari was previously QInvest's deputy CEO and before that served as Goldman Sachs' country head for Qatar.

Last month, QInvest completed a deal with EFG Hermes where the Egyptian investment bank would hive off its investment banking business to create a joint venture in which the Qatari bank would control 60 per cent.

"The thinking was that the EFG guys would come in and with their experience handle most of the divisions but the deal is yet to get clearance from the Egypt regulator and given the political situation there, things may turn tricky," a senior banking source said, declining to be identified.

"The deal, as such, makes perfect sense. EFG has the expertise, experience and reach, while Qatar has the capital. It's a great combination to have." (Reporting By Regan Doherty and Dinesh Nair; Editing by Louise Heavens)

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