DUBAI (Reuters) -HSBC has appointed Mohammed Fannouch as co-head of capital markets and advisory (CMA) for the Middle East, North Africa and Turkey (MENAT), the bank said in a statement on Monday.
Fannouch, who joined HSBC in 2008, will continue to be based in Saudi Arabia’s capital Riyadh, where he most recently served as co-head of the investment banking franchise in the kingdom.
He will lead the CMA business with Samer Deghaili, who is based in the United Arab Emirates.
“With our MENAT CMA leadership now based in two key financial hubs, the UAE and Saudi Arabia, we will be even better placed to partner with our clients and support them as they navigate the region’s growth potential,” Adam Bagshaw, HSBC’s global head for CMA, said in the statement.
HSBC has been scaling back its worldwide operations as part of a global overhaul started last year that left the operation more focused on M&A and equity capital market capabilities in Asia and the Middle East.
Under the restructuring, the Asia-focused bank started winding down its M&A and some equities businesses in Europe and the Americas earlier this year.
(Reporting by Federico MaccioniEditing by Mark Potter)
