Dubai: National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC picked a new investment banking team as Abu Dhabi’s biggest lenders work toward a $175 billion merger, according to two people with knowledge of the appointments.
Fawaz Abu-Sneineh will head the bank’s debt capital markets, while Samer Hamade will lead its fixed income syndicate and medium term notes division, said the people, asking not to be identified because the information isn’t public. Chris Baines will lead corporate advisory and equity capital markets, while Urvi Widhani will head its loan agency, the people said. All will report to global head of corporate finance Andy Cairns.
The new bank, which will be known as National Bank of Abu Dhabi, picked Azzam Anani to be head of products, Saeed Wajdi as head of sales and Chavan Bhogaita to head market insights within its global markets division, the people said.
Abu Dhabi, holder of about six per cent of the world’s oil reserves, is combining its largest banks to compete with rivals and bolster its ability to lend and secure funding as the emirate faces low oil prices. The merger may lead to further consolidation in the United Arab Emirates’ financial services industry where about 50 lenders compete in a market of about 9 million people, according to analysts.
NBAD also appointed Jonathan Macdonald as head of loan capital markets and Steve Perry head of loan distribution, people said earlier this month.
