Credit Suisse Group AG hired two Bank of America Corp. bankers to boost the Swiss lender’s equity operations in the Middle East and North Africa, according to people with knowledge of the matter.
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Both bankers will start their roles in January reporting to Ahmed Badr, who became managing director and head of equities for MENA earlier this month, the people said. Spokesmen for Bank of America and Credit Suisse declined to comment.
Credit Suisse is rebuilding its equity operations in Dubai after scaling back a few years ago amid a slowdown in trading.
The bank is making a push into Saudi Arabian stocks as more foreign investors set up a presence in the country before its inclusion in emerging market indexes by MSCI Inc. and FTSE Russell, which could result in billions of dollars in inflows.
As well as the new hires in Dubai, sales trader Karim Osman will relocate to Riyadh from London to manage equity sales trading, a person familiar with the matter said earlier this month.
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