Top Abu Dhabi lenders finalise new investment banking team
DUBAI: National Bank of Abu Dhabi PJSC (NBAD) and First Gulf Bank PJSC (FGB) picked a new investment banking team as Abu Dhabi’s biggest lenders worked towards a US$175 billion (RM775.25 billion) merger, said sources.
Fawaz Abu-Sneineh would head the bank’s debt capital markets, while Samer Hamade would lead its fixed income syndicate and medium-term notes division, said the people.
Chris Baines would lead corporate advisory and equity capital markets, while Urvi Widhani would head its loan agency, they said.
All will report to global head of corporate finance Andy Cairns.
The new bank, which would be known as National Bank of Abu Dhabi, picked Azzam Anani to be head of products, Saeed Wajdi as head of sales and Chavan Bhogaita to head market insights within its global markets division, said the people.
Abu Dhabi is combining its largest banks to compete with rivals and bolster its ability to lend and secure fundings .
The merger might lead to further consolidation in the United Arab Emirates’ financial services industry where about 50 lenders compete in a market of about nine million people, according to analysts. Bloomberg