emeafinance News - March 2009
ADIC hires head of private equity
The Abu Dhabi Investment Company (ADIC) has hired a new head of private equity to lead a charge for buy-outs in the Middle East and North Africa at a time when the global economic crisis is starving promising companies of capital.
EBRD relaxes limits on trade finance programme
The EBRD plans to increase the limits on its trade facilitation programme (TFP) from €800mn to €1.5bn for participating banks, to help them cope with the tightening credit conditions caused by the global recession.
MENA fund managers optimistic for medium and long term
In its annual review of funds in the Middle East and
Kuwait government discusses US$17.3bn bailout fund
Kuwait’s government is allegedly considering to set up a multi-billion bailout fund to help troubled firms in light of the global financial crisis, several newspapers reported.
Ocado raises Islamic loan, but no sukuk bonanza for UK plc
In January, the Bank of London and the Middle East (BLME) arranged a £10mn (€10.7mn) shariah financing facility for Ocado, an independent online grocer in the UK.
Dubai debt gets support from UAE
In late February, the Dubai government issued a US$10bn bond, which was entirely subscribed by the UAE central bank, in a sign that the debt-laden Emirate is receiving greater federal support.
Former finance minister becomes Latvia’s new prime minister
Latvia’s president has nominated former finance minister Valdis Dombrovskis as prime minister and asked him to form a new coalition government at the end of February.
Uralsib issues another series of bonds
Uralsib leasing company, a subsidiary of Bank Uralsib, has announced the placement of bonds with a total value of R1.5bn on the Moscow Interbank Currency Exchange (MICEX).
New central bank governor named in Saudi Arabia
In February, the Saudi government named Muhammed Al-Jasser to be the new governor of the Saudi Arabian Monetary Agency (SAMA), the country’s central bank.
Lloyds TSB Middle East expands team in the Gulf
Caren Mojabber has joined Lloyds TSB Corporate Markets, Middle East as a relationship manager in the financial institutions team, serving customers based in the region.
New head of MENA M&A for Credit Suisse
Credit Suisse has appointed Anthony Armstrong as head of M&A in the Middle East and North Africa (MENA) region.
Steve Fedor joins Barclays Wealth as COO in MENA
Barclays Wealth, a leading global wealth management institution, has appointed Steve Fedor as front office chief operating officer of Barclays Wealth, Middle East and North Africa.
Standard Bank Russia hires new head of investment banking
Francois Gamet has been appointed head of the investment banking group and acting head of the banking group of Standard Bank Russia.
Swedbank appoints Maris Mancinskis as new CEO for Latvia
Maris Mancinskis will become the new head of Swedbank in Latvia from.
New partners for Clyde & Co in Abu Dhabi
Clyde & Co has appointed partner David McElveney to head the firm’s Abu Dhabi construction and projects practice.
New chairman appointed at RBS
The Royal Bank of Scotland has announced the appointment of Philip Hampton as chairman following seven non-executives leaving the bank.
HSBC strengthens Qatar top management team
HSBC Bank Middle East has announced the appointment of two senior managers in the Qatar offices.
Abu Dhabi Islamic Bank develops UAE workforce
Abu Dhabi Islamic Bank (ADIB) announced that it has enrolled 150 fresh graduates in an eight-months training programme.
Advent International recruits top financier to CEE team
Advent International, the global private equity firm, has announced that Peter Nachtnebel will be joining the firm’s Central & Eastern Europe team He will be based at Advent’s Prague office.
Standard and Troika enter strategic alliance
Standard Bank is entering into a strategic partnership with Troika Dialog, one of the biggest investment banks in Russia. Standard intends to become a 33% shareholder in Troika.
EBRD: Eastern Europe is “bruised and battered, but not beaten”
Eastern Europe is facing a severe recession, but not a collapse, according to Thomas Mirow, president of the EBRD.
Raiffeisen Bank Aval Ukraine to increase regulatory capital
The open joint stock company Raiffeisen Bank Aval, which is 96% owned by Raiffeisen International Bank, is to receive a US$160mn subordinated loan facility with a 10-year tenor from Raiffeisen Zentralbank Österreich (RZB).
Latvian government appoints advisor for the sale of Parex banka
The Latvian government has announced that it has selected Nomura International, the global investment bank, as strategic advisor for the sale of its stake in Parex banka.
