emeafinance eNews - June 2009
EFG International makes senior hires
Lukas Ruflin has been appointed deputy CEO of EFG International, returning from EFG Financial Products which he co-founded in 2007. In his new role, he will focus on further development and execution of the firm’s strategy, working closely with CEO Lawrence Howell and his colleagues in the executive committee.
Addax Petroleum in US$7.2bn takeover
On June 24, Sinopec, a Chinese international petroleum exploration and production company, will take over Addax Petroleum, a Swiss-based international oil and gas explorer with a strategic focus on West Africa and the Middle East, in a US$7.2bn deal.
Troika appoints Paolo Zaniboni head of London office
Troika Dialog, one of the leading Russian investment banks, has appointed Paolo Zaniboni as head of the company’s London office. In addition, Zaniboni, who has been with Troika since June 2007, will continue his work as head of research.
Bahraini bank to co-invest in retail sector project
Capinnova Investment Bank, the shariah-compliant investment banking arm of Bank of Bahrain & Kuwait (BBK) is to co-invest in a US$50mn project in
Gazprom and NNPC set up Nigerian JV
On June 24, as part of the official visit by Russian president Dmitry Medvedev to Nigeria, Gazprom and the Nigerian National Petroleum Corporation signed an agreement on setting up a joint venture on a parity basis.
FNBB appoints first Motswana CEO
First National Bank of Botswana Limited (FNBB) has appointed Lorato Boakgomo-Ntakhwana as CEO of the bank. She will be the first Motswana woman to hold this position.
Nomura hires Ex-UBS banker for EMEA unit
Japanese bank Nomura has hired Selim Toker from UBS as head of its global finance solutions team for Europe, the Middle East and Africa, according to an internal memo.
JP Morgan banker joins Kremlin
The Russian government has hired one of the country's most influential investment bankers to informally consult state-run companies over acquisitions abroad, according to banking sources.
GWM expands into Middle East
Global Wealth Management Group (GWM) has announced that Shawn Mofidi has been elected chairman of the wealth management and family office services division of the firm.
Barclays hires 450 in equity since autumn
Barclays Capital has hired 450 bankers to strengthen its equity business in Europe and Asia since the autumn, as it aims to become a top three player in Europe by 2011. It is 18th in European ECM league tables at present.
Exotix hires new chief executive
Exotix, a frontier market broker and investment banking boutique, has recruited Vikas Nath as its new chief executive to strengthen its senior management team, following three years of rapid growth.
Syria looks to PPP to build airport, motorways
Syria hopes to attract FDI into the country via privatisations and public-private partnerships, says a source at the IFC.
Banks to increase spending on cash management IT
Banks seeking to improve the end user online cash management (CM) experience for corporate clients will spearhead 7.1% growth in IT spending on CM solutions in 2009-10, with total IT spending reaching US$904mn in December this year, according to the consultant Celent.
US$3.5bn bumper loan for Abu Dhabi's IPIC
International Petroleum Investment Company (IPIC), a state-owned petroleum company based in Abu Dhabi, is launching a US$3.5bn syndicated loan, which is set to be the biggest Middle East loan so far this year.
CEE banks come back to loan market
Despite tough market conditions, some CEE banks have returned to the syndicated loan market in the second quarter of 2009. State-owned banks like HBOR and NBL have managed to raise loans, as have three Turkish banks.
Nord Stream hoping to raise US$3.5bn in Q3
Nord Stream, a 1,200km gas pipeline project running from Russia through the Baltic Sea to Germany, is looking to raise the first phase of financing in Q3, raising US$3.5bn.
Investors kept in the dark over Al-Gosaibi, Saad defaults
Creditors in the Saad and AHAB trading companies, two of the largest industrial groups in Saudi Arabia, have been left confused and annoyed by the lack of information surrounding the defaults of companies belonging to the group.
MerchantBridge invests US$2bn into Iraq
So far, few foreign financial investors have put much capital into projects in Iraq, but perhaps the stand-out exception is MerchantBridge, the London-based private equity company.
Zuma pledges policy continuity, job creation
As South Africa enters its first economic recession for 17 years, analysts and investors watched closely as new president Jacob Zuma laid out his policies in his inaugural state of the union address.
Gabon's long-serving president dies
Omar Bongo, Gabon's longest serving president, has died of a heart attack on June 8 in a Spanish hospital at the age of 73. He had been president of the African nation since 1967. He is said to have stopped work in May, checking into a clinic in Barcelona, with reports claiming that he had cancer.
Investcorp hires former head of Citigroup's Middle East operations
Bahrain's Investcorp has announced that Mohammed Al-Shroogi, Citigroup's former managing director for the Middle East and CEO for Citi in the UAE, has resigned and will join Investcorp as head of its Gulf activities.
Morgan Stanley launches equity trading in Saudi Arabia
Morgan Stanley Saudi Arabia (MSSA) has launched equity trading on the KSA stock exchange, Tadawul, on June 22. This new capability enables the firm and its clients to trade cash equities and enables MSSA to service international clients via swap contracts.
VTB Capital launches Gulf investment banking business
VTB Capital, Russia’s international investment bank owned by VTB Group, the second largest Russian financial institution, announces the launch of its operations in the Gulf and wider MENA region with the opening of its office in Dubai.
Majid Al Futtaim Asset Management appoints Citi for fund administration
Citi’s global transaction services business has been chosen to provide custody to Majid Al Futtaim Trust and both custody and fund administration to funds managed by Majid Al Futtaim Asset Management.
New CFO for VocaLink
VocaLink, an international payment transaction specialist, has appointed Claire Hafner to its board as CFO. Hafner will be responsible for all aspects of the company’s financial management, including the accounting, commercial, procurement, legal, and risk and compliance functions.
UBA appoints new executive director
The board of The United Bank for Africa has appointed Alhaji Bello as executive director with supervisory responsibilities for the bank’s interstate transaction business. The appointment is subject to the confirmation of the Central Bank of Nigeria.
NYSE Euronext buys stake in Qatar Exchange
Qatar Holding, the strategic and direct investment arm of Qatar Investment Authority (QIA), and NYSE Euronext have formed a partnership which will establish Qatar Exchange (formally known as Doha Securities Market) as an international exchange.
Nigeria secures US$1bn World Bank loan
On June 16, the board of the World Bank approved a US$1.02bn credit for four major projects in Nigeria.
Central Bank of Bahrain issues US$750mn sukuk on LSE
On June 18, the London Stock Exchange (LSE) welcomed a US$750mn sukuk issued by CBB International Sukuk Company (No.2) on behalf of the government of Bahrain. This is the first sukuk to be listed in Europe this year.
Armajaro hires Ex-Lehman banker to head new EM fund
Armajaro Asset Management has appointed Michel Danechi to manage a new emerging markets hedge fund which was launched earlier this year.
Russian banks sign credit agreements with China Development Bank
Vnesheconombank (VEB), Russia's State Corporation Bank for Development and Foreign Affaris, and the China State Development Bank (CSDB) entered into a credit agreement for an amount of US$310mn on June 14.
Russian private equity firm UFG hires EBRD senior banker
UFG Asset Management has hired Robert Sasson, the former head of the St Petersburg office of the European Bank of Reconstruction and Development (EBRD), as senior managing partner of UFG Private Equity.
Citi prepaid services expands to new markets across EMEA
Citi has announced that its Global Transaction Services business’ EMEA platform for Citi prepaid services is going to be launched in the United Arab Emirates after going live in Germany, Belgium, Portugal, Switzerland and Ireland in early June.
Germans plan solar power project in Africa
A consortium of around 20 companies, including Munich Re, Siemens, RWE and Deutsche Bank, plans to build a €400bn (US$555.3bn) solar power project in Africa, a Munich Re executive told a German newspaper on Tuesday.
Lithuania successfully launches €500mn Eurobond
Lithuania has successfully tapped international capital markets with a €500mn benchmark 5-year Eurobond transaction due 2014, with an annual coupon of 9.375%.
Standard Chartered appoints MENA head
On September 1, David Law will join Standard Chartered as the managing director and regional head of the origination and client coverage (OCC) team for the Middle East and North Africa (Mena). Law will report to V. Shankar, member of the Standard Chartered group management committee and group head of origination and client coverage.
Singapore - October 5-6, 2010
2nd Annual Asia Trade & Export Finance Conference
London - November 3-4, 2010
2nd Annual West Africa Trade & Commodity Finance Conference
Cairo - November 10-11, 2010
3rd Annual North Africa Trade & Investment Conference
Gothenburg - November 18, 2010
3rd Annual Nordic Region Trade & Export Finance Forum
Dubai - February 15-16, 2011
8th Annual Middle East Trade & Export Finance Conference
