HSBC Head of Financial Coverage in Mideast Said to Join Natixis

  • Ammar Khalil's role said reassigned to rest of Dubai FIG team
  • Natixis hiring in Mideast to boost international operations

Ammar Khalil, managing director of the Financial Institutions Group for HSBC Holdings Plc in the Middle East and North Africa, has left the bank to join Natixis SA in Dubai, two people with knowledge of the matter said.

Khalil had been head of FIG MENA banks, insurance companies and fund managers at HSBC since January 2013, according to his LinkedIn profile page. His role has been reassigned to the rest of HSBC’s FIG team in Dubai, one of the people said, asking not to be identified because the matter is private. The people weren’t able to give details on Khalil’s new position.

James Milligan, head of trading for HSBC in MENA, left his position this month and his role will be eliminated, two people with knowledge of the matter said last week. Praveen Gupta, head of corporate sales in the region, also left and a replacement for him will be appointed shortly, the people said.

HSBC is shifting investment to Asia, the bank’s best-performing region, while cutting unprofitable divisions. In June, Europe’s largest bank unveiled a three-year plan to lower headcount by about 50,000 and cut annual costs by as much as $5 billion.

A spokeswoman for Natixis in London couldn’t immediately comment, while Khalil didn’t immediately return a message sent via LinkedIn.

Natixis, a unit of Paris-based Groupe BPCE, had sought to increase its Dubai staff by 50 percent to boost revenue from international operations, Simon Eedle, head of the bank’s Middle East operations, said in an interview last May. The bank is hiring bankers in areas from energy and commodities finance to capital markets and distribution, he said.

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