| DUBAI, April 7
DUBAI, April 7 Morgan Stanley named
veteran banker Sammy Kayello as the chief executive and chairman
of its business in the Middle East and North Africa, replacing
Kamal Jabre who is relocating to London for a senior investment
Kayello, who was in charge of the U.S. investment bank's
sales and trading operations in the region, has been with the
bank for over 25 years and has been based in Dubai since 2006.
A spokesman for the bank in Dubai confirmed Kayello's
appointment and Jabre's move to London.
Jabre, a mergers and acquisitions banker who took the top
MENA role in 2011, is relocating to London as the deputy head
for the bank's investment banking business in Europe, Middle
East and Africa (EMEA).
Jabre will report to Franck Petitgas, global co-head of
investment banking, a banking source familiar with the matter
said. Mark Eichorn is the other head of the bank's investment
"He (Jabre) is inheriting a bigger business and a wider
region in the new role, so this is effectively a promotion for
him," the source said, speaking on condition of anonymity.
Morgan Stanley, the sixth-largest U.S. bank by assets, is
trimming staff at its Dubai office, mainly by cutting jobs in
its equities division, as part of a global plan to reduce costs,
sources told Reuters in January.
But investment banking activity in the region is showing
signs of a slow revival as financial markets pick up and global
companies resume expansion plans.
Mergers and acquisitions transactions targeting Middle
Eastern firms amounted to $20 billion in 2012, double the
activity in 2011, according to Thomson Reuters data. Fees from
advising clients totalled $157.9 million, a 23 percent increase.
Morgan Stanley was one of the advisers to telecoms operator
Etisalat in a block sale of its 9.1 percent stake in
Indonesia's PT XL Axiata last year. The UAE telco got
a $117 million gain on the deal.
The bank also advised French lender Societe Generale
in the sale of its Egyptian arm to Qatar National Bank
in December and was one of the banks involved in the
state-backed merger of Abu Dhabi property firms Aldar Properties
and Sorouh Real Estate.