Credit Suisse’s Hangari in HSBC Talks Amid Middle East Exodus
Credit Suisse Group AG’s head of Middle East and North Africa, Hisham Hangari, is in talks to join HSBC Holdings Plc, according to people familiar with the matter.
Hangari, who has been with Credit Suisse since 2011, is in discussions to become the London-based bank’s head of Middle East and North Africa, the people said, asking not to be identified because the talks are private. He would replace Ahmed Badreldin, who left HSBC in April, the people said.
The move comes as Credit Suisse is scaling back its presence in the region. The Zurich-based bank is in the process of closing its offices in Abu Dhabi and Qatar, and has already shut its Saudi Arabian business.
Credit Suisse’s Middle East Presence
Credit Suisse has been present in the Middle East for more than a decade, and has been one of the most active foreign banks in the region. It has advised on some of the biggest deals in the region, including the $15 billion merger of Saudi Arabian Oil Co. and Saudi Basic Industries Corp. in 2019.
The bank has also been involved in some of the region’s biggest initial public offerings, including the $1.7 billion listing of Saudi Arabian Mining Co. in 2019.
But Credit Suisse has been scaling back its presence in the region in recent years, as it focuses on its core markets in Europe and the U.S. The bank has closed its offices in Abu Dhabi and Qatar, and has already shut its Saudi Arabian business.
HSBC’s Middle East Expansion
HSBC, meanwhile, has been expanding its presence in the Middle East. The bank has been present in the region since 1946, and has offices in the United Arab Emirates, Qatar, Bahrain, Kuwait, Oman, and Saudi Arabia.
The bank has been involved in some of the region’s biggest deals, including the $3.5 billion acquisition of Saudi Arabian Oil Co. by Saudi Aramco in 2018. It has also advised on some of the region’s biggest IPOs, including the $2.5 billion listing of Saudi Arabian Mining Co. in 2019.
HSBC has been looking to expand its presence in the region, and has been in talks to open a representative office in Iraq. The bank is also looking to expand its presence in Saudi Arabia, and is in talks to open a branch in the kingdom.
Hisham Hangari’s Career
Hisham Hangari has been with Credit Suisse since 2011, and has been the bank’s head of Middle East and North Africa since 2016. He has been involved in some of the region’s biggest deals, including the $15 billion merger of Saudi Arabian Oil Co. and Saudi Basic Industries Corp. in 2019.
Before joining Credit Suisse, Hangari was a managing director at Morgan Stanley, where he was responsible for the bank’s coverage of the Middle East and North Africa. He has also held senior positions at UBS and Citigroup.
Conclusion
Hisham Hangari, Credit Suisse’s head of Middle East and North Africa, is in talks to join HSBC Holdings Plc. The move comes as Credit Suisse is scaling back its presence in the region, while HSBC is looking to expand its presence in the Middle East. Hangari has been with Credit Suisse since 2011, and has been involved in some of the region’s biggest deals. He has also held senior positions at UBS and Citigroup.