03.01.2013 - Global banks rethink Middle East model as deals slump
When U.S. banking giant Citigroup Inc moved one of its top bankers, Alberto Verme, to Dubai in 2008, it was a sign of international banks' ambitions to tap economic growth in the oil-rich region. By bringing in Verme, who at the time was co-head of Citigroup's worldwide investment banking operation, the bank became the first among its peers to station the global chief of a major business in the Middle East. J.P. Morgan Chase made some senior hires in the region last year while winning mergers and acquisitions business in places including Qatar. It was the sole global lender present in a $2.4 billion Islamic loan facility raised last month by Saudi Arabian Mining Co (Maaden) from a group of nearly a dozen banks...............................................Full Article: Source
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