The foundations of Credit Suisse's business in the UAE have become more wobbly. Dealmakers are opting to not wait around and see what happens with UBS.
Dubai-based Shuaa Capital PSC has lured experienced dealmakers from Credit Suisse's Middle East business to join them in recent days and weeks. «Bloomberg» (behind paywall) reports the financial boutique hired two experienced investment bankers from the Swiss bank.
Further Talks
In May, Shuaa appointed 15-year Credit Suisse veteran Wafik Ben Mansour, to head his investment banking department. It also brought aboard Rustam Rizvanov from Credit Suisse.
The firm is looking to add up to three more people, with more candidates from Credit Suisse under consideration after UBS took it over.
«From our perspective, we saw it as an opportunity to get good talent and, secondly, potentially get a team,» Shuaa CEO Fawad Tariq Khan told Bloomberg. «We benefit from the fact that international investment banks have been cutting back.»
Quiet Swiss IPO Market
UBS would likely prefer retaining Credit Suisse investment bankers in the Middle East. Due to high energy prices, there's some movement in the region's corporate and capital markets.
In Switzerland, there is yet to be a single initial public offering this year, while Dubai, Abu Dhabi, and Saudi Arabia are seeing stock market debuts coming in close order.
