HSBC earned 7.6 per cent of its operating income and 4.7 per cent of its net revenues from the MENAT in Q3 2019/Bloombergby Bloomberg
HSBC Holdings has appointed Nabil Lahham, a former veteran Middle East dealmaker at Perella Weinberg Partners, for a top investment banking role in the region.
Lahham is joining HSBC as Head of Advisory and Corporate Finance coverage for the Middle East, North Africa and Turkey and he will start working at the bank’s Dubai office in the coming weeks.
The banker had most recently been a partner at Perella Weinberg, which he joined in 2010. Lahham started Perella’s Middle East business, establishing its Abu Dhabi office and later expanding to Dubai.
Banks have been flocking to the region as its oil-rich countries seek to diversify their economies and major markets like Saudi Arabia open up their financial sectors. HSBC earned 7.6 per cent of its operating income and 4.7 per cent of its net revenues from the Middle East and North Africa in Q3 2019.
The bank’s local presence ensured it played a key role on Saudi Aramco’s record $29.4 billion IPO last year, even after other Western investment banks were side-lined. HSBC was also part of the Middle East’s biggest-ever acquisition, Saudi Aramco’s $69 billion takeover of SABIC.
Additionally, HSBC was also hired by the Abu Dhabi National Oil Company when the state-owned oil giant sold a $5.8 billion stake in its refining unit.
Lahham started his investment banking career at Morgan Stanley and later held senior Middle East roles at Lehman Brothers Holdings and Nomura Holdings. He has advised on a number of landmark deals during his career including Emirates Bank International’s merger with National Bank of Dubai in 2007, which created a lender called Emirates NBD Bank that is now worth $23 billion.
Similarly, Lahham has worked with Abu Dhabi’s Mubadala Investment Company on a number of deals, including the formation of a financing company with General Electric Company. He also worked on that Mubadala venture’s sale of a $3.6 billion loan portfolio to Apollo Global Management.