Internal memo reveals changes to top bankers in region amid broader revamp by UK lender
HSBC Holdings has rejigged the roles of some senior bankers in the Middle East North Africa (MENA) region, an internal memo showed, amid a broader revamp at the British lender's global investment banking operations.
Jonathan Robinson, currently head of project finance for MENA and a managing director at the bank, will take on the role as banking head for the region, replacing Paul Skelton, who will become the regional head of commercial banking.
"Having spent more than 11 years in the region, Jonathan has strong knowledge and understanding of the key industry sectors that are growing at a fast pace across the Middle East," the memo stated.
Both appointments are effective January 1, 2014, the bank said.
HSBC revamped its global investment banking operations in July, separating responsibilities for products and client coverage in a bid to drive business growth.
The bank has gone through several management changes in the region since then. It appointed Samer Deghaili to head its equity capital markets business in the region in September, replacing Michael Bevan, who moved to Hong Kong to head coverage of Asian sovereign wealth funds.
In July, HSBC named Mohammed al-Tuwaijri as chief executive in MENA, replacing Simon Cooper, who was appointed global head of commercial banking.
Aziz Ata was appointed to a new role as the head of the bank's debt capital markets business in August.
Investment banking is gradually recovering in the Middle East region after years of sluggish growth.
Fees from arranging debt and equity offerings and advising on mergers and acquisitions in the region rose 22 percent to $535.9 million during the first nine months of the year, according to Thomson Reuters data.
HSBC took the biggest share of fees over the period with $36 million, followed by Citigroup Inc on $30.3 million.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Why has HSBC decided to close it's only branch in Al Ain without informing their customers, telling the there are plenty of branches in Abu Dhabi. Not much use if you live in Al Ain great customer service I donth think.
HSBC Retail service in the MENA region from what i have experienced so far is by far teh wrost! I only bank with them because of their international presence and believe me if the likes of Citi or SC had the same global retail footprint I would switch right away!
Indeed, and in the UAE, we know that when talking about HSBC, the customer always comes last.
I have never known a bank go so much out of its way to engender continual customer disloyalty.
I can only assume that their Senior Management just do not care.
The Middle East banking industry would be so much better if HSBC just shut up shop and took their appalling customer service somewhere else. I do not have a single positive thing to say about them and I have never heard anyone during the last 20 years here in my business or personal circle say they are happy with anything about HSBC. So if any senior managers from HSBC are reading this post - please do the honorable thing for just one time in your banks horrible history - leave.
After 34 years of banking with HSBC in Dubai with 2 company and a personal account was disgusted when first last year, after asking me to apply for a credit card they then refused, then this year they closed one of my company accounts causing wasted time and a lot of effort.
Also have 3 accounts abroad with their affiliates and no loans.
Also found out they were handing over details of my accounts to associated financial firms
Now closing all my dealings with HSBC (Formerly BBME) and advise all to do the same.
Hope HSBC goes same way as BCCI and Lehman Brothers.