Corsair Hires Former Standard Chartered CEO Mervyn Davies as Vice Chairman

Corsair Capital LLC, a U.S. private equity firm that targets the financial-services industry, hired former Standard Chartered Plc Chief Executive Officer Mervyn Davies as vice chairman and a partner.

Davies, 57, was Britain’s trade minister until the May 6 election, the New York-based firm said today in an e-mailed statement today. He was CEO of Standard Chartered, the U.K. bank that earns most of its profit in emerging markets, from 2001 to 2006. He stepped down as chairman in 2009.

“His energy, relationships and perspective as a successful financial-services industry leader will be very valuable,” Corsair said in the statement.

Leveraged buyout investors are raising funds and expanding teams that target financial assets as the credit crisis forces banks to sell units to raise cash. Private equity firms have led $96 billion worth of takeovers in the industry since the collapse of Lehman Brothers Holdings Inc. in September 2008, according to data compiled by Bloomberg.

Private equity firms Advent International Corp. and Bain Capital LLC agreed last week to buy the credit-card payment processing unit of Royal Bank of Scotland Group Plc for 1.7 billion pounds ($2.7 billion).

Corsair started Capstar Bank, a commercial bank focusing on small- and medium-sized businesses in Nashville, Tennessee in 2008, and is an investor in East West Bancorp Inc. in California, according to the firm’s website. It also has a stake in MPC, an asset manager based in Hamburg, Germany.

For Related News and Information: Top stories: TOP <GO> Leveraged buyout stories: NI LBO <GO>

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