Saudi Arabia hires HSBC banker to start debt management office

Saudi Arabians

Saudi Arabia hired HSBC banker Fahad Al Saif to start a debt management office that will be responsible for the kingdom’s first international bond sale, two people with knowledge of the matter said.

Bloomberg News reports that Al Saif joined the Ministry of Finance on an open-ended secondment from HSBC’s Saudi British Bank, the people said, asking not to be identified as the information is private. At Saudi British, in which HSBC holds a 40% stake, he was general manager of global banking and markets. Al Saif is also a board member at HSBC Saudi Arabia.

Al Saif is the second HSBC banker to move into a government role in Saudi Arabia in the past few months after Mohammad Al Tuwaijri, the bank’s chief executive officer for the Middle East, was appointed deputy economy and planning minister. The moves come as Deputy Crown Prince Mohammed bin Salman oversees an unprecedented shakeup of the kingdom’s economy to reduce the country’s reliance on oil receipts.

To access the complete Bloomberg News article hit the link below:

Saudi Arabia Said to Hire HSBC Banker to Set Up Debt Office

RBS Said to Cut 450 Service Jobs as It Narrows Focus in U.K.

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts