DUBAI Feb 25 Arqaam Capital, a Dubai-based
investment bank, has hired ex-Credit Suisse banker
Wafic Nsouli to head its institutional equity sales unit,
tapping into talent from retrenching global banks for its
Nsouli is expected to join Arqaam on March 18 and will take
charge as executive director and head of institutional equity
sales, the investment bank said in a statement to Reuters.
Before joining Arqaam, Nsouli was head of Middle East and
North Africa equities at Credit Suisse, responsible for the
company's offices in Dubai and Saudi Arabia.
A rally in Gulf financial markets is prompting local
financial institutions to expand their businesses, targeting new
geographies and boosting recruitment from international rivals.
Global banks such as Credit Suisse, Nomura Holdings
and Morgan Stanley, are scaling back in the Middle East
as the region proves less active than they had hoped while
Europe's debt crisis puts them under pressure to cut costs.
The trend has provided opportunities for local banks to hire
Morgan Stanley and Goldman Sachs Group Inc for
instance lost their two top Qatar executives to local firms last
year. Morgan Stanley's Qatar head Khalid al-Subeai joined the
investment banking division of Barwa Bank, while Goldman's Qatar
Chief Executive Tamim al-Kawari joined QInvest, part-owned by
Qatar Islamic Bank
Arqaam offers corporate finance, asset management, equity
derivatives and brokerage services from its main office in
Dubai. The firm bought Egyptian brokerage El Rashad Securities
in January, having last year acquired Al Rashad Finance and
Management Advisory in Libya.
Credit Suisse, which plans to trim its investment banking
team in Dubai and move some of its staff to Qatar, had promoted
Ahmed Badr to be head of equities for MENA last year, to be
based in Riyadh.