Aladdin Hangari, one of Credit Suisse’s top private bankers in the Middle East, is in advanced talks to join HSBC Holdings Plc, according to people familiar with the matter, adding to an exodus of key staff from the Swiss lender.
(Bloomberg) — Aladdin Hangari, one of Credit Suisse’s top private bankers in the Middle East, is in advanced talks to join HSBC Holdings Plc, according to people familiar with the matter, adding to an exodus of key staff from the Swiss lender.
Hangari’s hire is not final yet and UBS Group AG, which took over Credit Suisse last month, might still retain him, the people said.
As the chief executive for Credit Suisse’s operations in Qatar, Hangari is known for his role handling the relationship between the Swiss bank and the Qatari royal family, one of the bank’s major shareholders over the past decade.
Separately, a team of 10 Credit Suisse wealth managers covering the Middle East resigned in recent weeks to join Deutsche Bank AG, according to the people familiar with the matter. Senior private bankers set to join Deutsche Bank from the Swiss lender include Saad Osseiran, Nasri Nohra, Rabih Demashkieh and Agnes Tan, all managing directors, the people said.
Clients will be served by existing team members and succession will be announced in due course, a Credit Suisse spokesperson said.
HSBC didn’t immediately respond to requests for comment. Deutsche Bank declined to comment. The Financial Times reported the Hangari departure earlier.
The hires would mark a coup for HSBC and Deutsche Bank, in a region where oil wealth has helped swell a burgeoning class of ultra-rich families and businessmen. The Middle East has emerged as a key battle ground for global wealth managers keen to capture a bigger slice of the regional market.
Hangari has been with the Credit Suisse since 2004 and also oversees the lender’s asset management joint venture with Qatar Holding LLC, Aventicum Capital Management. Four other staff are in discussions to leave alongside him, a person familiar with the matter said.
Credit Suisse ceased being an independent company last month following the completion of the $3 billion emergency takeover by UBS brokered by the Swiss government in March.
UBS is preparing to cut over 50% of the existing Credit Suisse workforce as it exits businesses it doesn’t want and works to lower risk, Bloomberg reported last week.
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