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JPMorgan appoints co-heads of Mideast investment banking

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JPMorgan said it is planning to take deposits and offer payments processing to wholesale banking clients from the Abu Dhabi Global Market

JPMorgan has appointed Hani Deaibes and Ahmed Salem as co-heads of its Middle East and North Africa investment banking business, the US bank said in a statement on Thursday.

Deaibes, at JPM since 2007, was head of the bank’s debt capital markets (DCM) business for the Middle East. He was previously at Merrill Lynch in London for seven years, where he headed its MENA DCM business.

Salem, based in Dubai, joined JPM in 2011 as head of investment banking for Bahrain, Egypt, Kuwait and Oman. Before that, he worked at Deutsche Bank for two years and Citi for 11 years, where he also worked in investment banking.

Deaibes and Salem will report to Dorothee Blessing and Conor Hillery, co-heads of investment banking in Europe, the Middle East and Africa, as well as to Khaled Hobballah, senior country officer for MENA.

“Hani and Ahmed have been key figures in the growth of our regional business and, between them, have unparalleled market knowledge,” Hobballah said in the statement.

“Their appointments demonstrate the firm’s unwavering commitment to its MENA franchise and also reflect our ongoing focus in delivering innovative solutions and exceptional service to our clients.”