Top Abu Dhabi lenders fi­nalise new in­vest­ment banking team

New Straits Times - - Business -

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

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