| DUBAI, July 30
DUBAI, July 30 Asia-focused bank Standard
Chartered has hired Sarmad Lone, previously with Morgan
Stanley Inc, to help boost the lender's business with top
international companies in the Middle East and north Africa.
Lone has joined the British lender as its regional head for
global corporates for Middle East, North Africa and Pakistan
(MENAP), a Standard Chartered spokesman said in an emailed
statement on Tuesday.
Lone joins the bank from Commercial Bank of Qatar
where he was the Doha-based head of wholesale banking. Prior to
that Lone was the Middle East, North Africa investment banking
head for Morgan Stanley based in Dubai.
Standard Chartered, which makes about four-fifths of its
earnings in Asia and the Middle East, is aiming to further
"institutionalise" its business in the region by focussing on
bigger clients and corporates, a banking source told Reuters,
speaking on condition of anonymity.
Middle East and other South Asia markets contributed around
11.7 percent of Standard Chartered's $19.07 billion of operating
income in 2012, according to the bank's 2012 annual report. The
region includes the bank's operations in countries such as UAE,
Pakistan, Bangladesh and Bahrain.
The bank's regional head said in March it would focus on
lending opportunities in Saudi Arabia and Qatar because of the
huge infrastructure building plans of oil-rich governments there
and would consider acquiring a bank in Egypt to ride an expected
boom in one of the Middle East's largest economies.