First Abu Dhabi Bank hires new head of investment banking from HSBC

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The HSBC logo is seen on a bank branch in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photo

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DUBAI, Sept 8 (Reuters) – First Abu Dhabi Bank (FAB.AD), the largest lender in the United Arab Emirates, has hired Martin Tricaud as head of the investment bank, the bank said in a statement on Wednesday.

Tricaud was previously managing director of the Middle East, North Africa and Turkey region at HSBC (HSBA.L).

“Martin Tricaud will be responsible for leading investment banking activities across the FAB group,” the bank said, confirming what sources told Reuters earlier.

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Tricaud, who spent more than 13 years at HSBC, left the UK-listed lender in April this year, according to his LinkedIn profile.

FAB has seen changes at senior management level since the start of the year, last Wednesday when its head of corporate finance Andy Cairns left, sources told Reuters on Tuesday. Read more

Earlier this year, Hana al-Rostamani became the bank’s first female chief executive, replacing bank veteran Andre Sayegh who retired.

FAB said it also appointed Futoon Almazrouei, who already worked at the lender, as head of retail banking.

In recent years, FAB has become aggressive in the regional loan and bond market, playing a major role in transactions from the United Arab Emirates, Saudi Arabia and Egypt.

The outlook for the UAE’s banking sector has improved after the economic shock of COVID-19 last year, with ratings agency Moody’s predicting on Tuesday that major UAE banks are expected to see increased profits over the next 12-18 months. , as they record lower loan loss provisions. Read more

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Reporting by Davide Barbuscia and Saeed Azhar; edited by Jason Neely and David Evans

Our standards: The Thomson Reuters Trust Principles.

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