Shahzad Shahbaz, CEO of QInvest, the Qatari investment bank forming a joint venture with Egypt’s EFG-Hermes, has resigned.
"I have chosen to leave, basically I have done almost five years here, built up the business. We have a new chapter starting with EFG and I think it's a good time," Shahbaz said in an interview with Arabian Business on Thursday. "I've completed a good part of what I was supposed to do - we've created a market leading platform and now it's for other people to take on that challenge."
Shahbaz said he did not have any immediate plans as to what he would be doing next career-wise.
QInvest, a unit of Qatar Islamic Bank, which has been cutting jobs at its brokerage and asset management divisions, is likely to replace Shahbaz with current deputy CEO Tamim Al-Kuwari, previously a managing director at Goldman Sachs, people familiar with the matter said.
In May, QInvest and EFG announced their plans for a joint venture that would create the largest investment bank in the Middle East and North Africa region. QInvest will hold 60 percent and EFG's holding company will own 40 percent of the venture.
Licensed by the Qatar Financial Centre Authority in 2007, QInvest had more than 135 employees as of last month with offices in Saudi Arabia and Turkey. The firm, led by chairman Sheikh Jassim Bin Hamad Bin Jaber Al Thani, has authorised capital of US$1bn and paid up capital of US$750m.
The QInvest shareholder structure includes Qatar Islamic Bank as well as other institutional investors and high net worth individuals from across the region. The firm's business lines include investment banking, investment management, brokerage and wealth management services, according to the company's website.
You can follow the reporter of this story on Twitter at @MassoudDerhally