Credit Agricole to close Dubai M&A operations
Dubai, September 27, 2011
French bank Credit Agricole is planning to close down its Mena mergers and acquisitions (M&A) business in Dubai and move the operations back to its Paris office, an executive at the bank said on Tuesday.
'The move will affect around 5 to 6 people,' Bernard Mignucci, senior country officer for the UAE, told Reuters.
Mignucci added that the affected employees had been offered other roles within the bank but most had declined and now were pursuing other opportunities.
In May, the bank lost its top investment banker in the region, Albert Momdjian, to Swiss bank UBS.-Reuters
More Finance & Capital Market Stories
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
- UAE’s non-oil job, output levels surge
- New Bahrain drive to aid young entrepreneurs
- Arabtec $650m rights issue to open on June 9
- LIC Bahrain sees 23pc premium growth in 2012
- Gold slips after Bernanke comments
- Xpress Money offers free life insurance