Dubai’s largest lender, Emirates NBD PJSC, has announced the appointment of Hitesh Asarpota as the new Chief Executive Officer of its investment banking division. Asarpota will be succeeding Mohammad Al Bastaki, who will take on the role of Head of Private Banking at the bank. Both appointments are scheduled to take effect from August 1, according to an internal memo quoted in the media.
Hitesh Asarpota has a strong background in the financial industry, having served as the Deputy CEO of Emirates NBD Capital since 2008. During his tenure, he has played a key role in the origination and syndication of loans, bonds, and equity capital market offerings. His experience and expertise position him well to lead ENBD Capital, especially as Dubai moves towards privatising state entities and encouraging private firms to consider initial public offerings (IPOs). Notably, entities such as the Dubai Roads & Transport Authority’s taxi and parking businesses are gearing up to go public, as reported by Bloomberg News.
On the other hand, Mohammad Al Bastaki, who joined Emirates NBD in 2019 as the Head of Public Sector Coverage, took on the role of Head of Emirates NBD Capital in 2021. Prior to his time at Emirates NBD, he had a noteworthy career at HSBC Holdings Plc, spanning over 12 years.
The Middle East is becoming an increasingly important focus area for global wealth managers. Renowned players like Goldman Sachs Group Inc. and Deutsche Bank AG have already identified the region, with its growing number of ultra-rich families, royals, and entrepreneurs, as a prime location for future growth and expansion.
Emirates NBD has been making significant strides, as evidenced by its recent financial performance. The bank reported a substantial 78% jump in profits to 6.2 billion dirhams ($1.69 billion) in the second quarter. This impressive growth was driven by higher non-interest revenue and a reduced cost of risk.
With the newly appointed leadership in place, Emirates NBD is positioning itself to further capitalise on the lucrative opportunities in the Middle East’s financial landscape. Asarpota’s leadership at ENBD Capital and Al Bastaki’s expertise in private banking are expected to strengthen the bank’s position as it navigates the region’s dynamic economic landscape and emerging wealth management demands.
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