"NCB Capital to Grow Saudi Asset Management Brokerage Business", Bloomberg
Jun | 2009
June 2 (Bloomberg) -- NCB Capital Co., with $13 billion in assets under management, will expand in Saudi Arabia as the investment banking unit of National Commercial Bank taps new opportunities in the Arab world’s largest economy.
“There are significant opportunities in wealth management, investment banking and to grow our brokerage business,” Raul Biancardi, chief operating officer at NCB Capital, said in an interview in Riyadh today. “Saudi Arabia is our primary focus. That is where we will focus our growth.”
NCB Capital will join regional companies seeking growth in Saudi Arabia as the country’s stock market advances this year and the G-20 member spends $400 billion in the next five years to stimulate the economy. EFG-Hermes Holding SAE, the biggest publicly traded investment bank in Egypt, and Abraaj Capital Ltd. already expanded their Saudi operations as they seek opportunities in the kingdom.
Dubai, London 29th June 2009 – HBG Holdings (“HBG”), a leading private equity investor and fund management business has today announced that it has received authorization as a financial advisory firm from the FSA (UK Financial Services Authority), in London.
HBG has obtained its FSA license to further expand its geographic footprint and increase its ability to serve clients and investors in the Gulf and respond to growing interest from institutions in Britain and Europe.
London 24th June 2009 – HBG Holdings (“HBG”), a leading private equity investor and fund management business operating in the Middle East region, today welcomed Michael Toxvaerd to its team as Executive Director. Mr. Toxvaerd, who will establish the London office, has over 11 years of investment and operating experience, including 5 years on the AIM market.
Most recently Mr. Toxvaerd was CEO of Neutrahealth Plc, an AIM listed acquisition vehicle focused on the alternative healthcare industry. He spent over four years spearheading its growth through acquisition, and worked closely with members of it’s distinguished Board of Directors including Sir GK Noon. During his tenure as CEO he also negotiated the strategic investment by Elder Pharma, a Mumbai based pharmaceuticals group, in Neutrahealth.
Dubai-headquartered private equity and real estate investment firm HBG Holdings has said it will be adding members to its investment team in the Middle East.
HBG Holdings has offices in Dubai and Jeddah and it will be opening two new offices, a spokeswoman for the firm said. HBG currently has about 50 staff members and it intends to expand by 10 percent in mainly senior positions covering investment and investor relations, she added. The expansion of the team will mainly be to staff the new offices.
“The regional economy has changed dramatically in the last 12 months but we remain confident that the Gulf economies with their immense financial power are in a unique position to capitalise on the new economic realities,” Zulfi Hydari, group managing director of HBG, said in a statement.