The Swiss bank is losing a long-standing investment banker in Dubai. His exit follows a series of high-profile hires in the region and a lucrative niche in Saudi Arabia.
Saad Benani, Credit Suisse head of Middle East and North Africa investment banking and capital markets, is leaving the Zurich-based bank, «Reuters» reported on Wednesday, citing undisclosed sources.
Benani worked on a series of lucrative deals since joining Credit Suisse in 2008, including a $175 billion tie-up between the National Bank of Abu Dhabi and First Gulf Bank four years ago. His departure comes as the Swiss bank builds in the region, including by poaching Goldman Sachs' Hazem Shawki last year.
Poaching From Rivals
The bank last year won a coveted license in Saudi Arabia, where Khalid Al Ghamdi oversees its activities. Credit Suisse also recently hired Morgan Stanley's Tara Luthra as a managing director in the region, according to Reuters.
