HSBC announced on Monday that Mohammed Fannouch has been appointed co-head of Capital Markets and Advisory (CMA) for the Middle East, North Africa, and Turkey (MENAT) region.
Fannouch, who joined HSBC in 2008, will remain based in Riyadh, Saudi Arabia. He previously served as co-head of the investment banking franchise in the kingdom. He will now lead the CMA business alongside Samer Deghaili, who is based in the United Arab Emirates.
Adam Bagshaw, HSBC’s global head for CMA, stated, “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.”
This appointment comes as HSBC continues its global restructuring, initiated last year, which has seen the bank scale back operations worldwide to focus more on M&A and equity capital market capabilities in Asia and the Middle East. As part of this overhaul, HSBC began winding down its M&A and certain equities businesses in Europe and the Americas earlier this year.
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