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12 November 2019
MOVES

BofA appoints first head of investment bank in Saudi Arabia

Bank of America is one of more than 20 institutions working on Saudi Aramco’s initial public offering which is expected to be the biggest ever.


Bank of America Corporation (BofA) has appointed Saud Al Tassan as the Head of Investment Banking in Saudi Arabia, as global institutions expand in the Kingdom to tap opportunities, reported Bloomberg.

Al Tassan, previously CEO of local financial-services firm Swicorp, joined in October 2019 and is the first person to hold the position. He also worked at NCB Capital and Banque Saudi Fransi.

The mammoth Saudi Aramco listing deal as well as the potential of dozens of other privatisations, M&A deals and share sales, is prompting banks such as Goldman Sachs Group and Citigroup to open and boost headcount in the Kingdom.

Similarly, Societe Generale appointed Amine Jaoui as Chief Executive Officer in Saudi Arabia, while Citigroup plans to add more bankers in the country.

Goldman Sachs hired Eyas AlDossari from HSBC Holdings to head its investment banking business in Saudi Arabia as well as Mohammed Al Awad to head its equities business in the Kingdom.


RELATED STORIES: SOCIETE GENERALE SAUDI ARAMCO IPO BANK OF AMERICA CORPORATION GOLDMAN SACHS CITIGROUP HSBC


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