| DUBAI, Sept 23
DUBAI, Sept 23 HSBC Holdings has named
Samer Deghaili to head its equity capital markets business in
the Middle East and North Africa, a spokesman said on Monday, 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 $3.2 billion from 12 capital
market operations during the first half of 2013, a 15 percent
decline from the same period in 2012 (US$3.7 billion), according
to Thomson Reuters data.
Among companies to express interest in capital raising
recently, DAMAC Properties, a privately held Dubai property
developer, hired Deutsche Bank and Citigroup Inc
to advise on an initial public offering of shares in
London, two sources with knowledge of the matter said earlier
Separately, Abu Dhabi private equity firm Gulf Capital
appointed Rothschild as a financial advisor for a
potential IPO of its majority-owned unit, Gulf Marine Services.