DUBAI Feb 20 Standard Chartered Plc
has hired Tom Emmet, previously with Royal Bank of Scotland
, to head its mergers and acquisitions business in the
Middle East and North Africa, Standard Chartered said on
Emmet, one of the most senior investment bankers in the
region, was previously head of corporate finance and equity
capital markets at RBS. The part-nationalised bank decided a
year ago to exit M&A, bowing to pressure from the British
government to shut down risky operations.
In his new role, Emmet will report to Andrew Suckling,
Standard Chartered's global head of M&A, and Daniel Azzi,
regional head of global markets and co-head of wholesale banking
for the Middle East, North Africa and Pakistan.
"The Middle East is one of Standard Chartered's strategic
markets and we continue to work closely with our clients to
support their increasing M&A ambitions," Suckling said.
Emmet will replace Apoorva Shah, who previously headed the
unit and is leaving the bank to pursue other opportunities, the
lender said in a statement. Shah had joined the British lender
from Deutsche Bank in 2010, where he was running M&A
for the MENA region.
Emmet advised RBS on some of the largest deals in the
region, including the acquisition of a majority stake in Saudi
Arabia's Aujan Industries by Coca Cola in 2011.
M&A activity in the region is showing slow signs of revival
after the global financial crisis hit investor sentiment and
increased valuation disagreements between buyer and seller.
M&A transactions with Middle Eastern targets reached $20
billion during 2012, double the activity seen in 2011, according
to Thomson Reuters data. Fees from advising clients totaled
$157.9 million, a 23 percent increase.
The numbers are still low compared to the boom years of
2005-07 when banks earned multi-million dollar fees by advising
large institutions on outbound deals and by structuring
complicated derivative transactions to finance the acquisition.