Strong demand from Gulf banks for senior talent
London, April 25, 2013
Since the turn of the year the number of Gulf based banks that are hiring senior talent has increased considerably compared to the same period last year, a report said.
A number of the banks in the region have plans to continue hiring throughout the year, added the study by Stormbridge International, a leading human capital advisory firm based in London.
Andre Nasr, CEO of Stormbridge said: “2013 was always going to be an important year for banks in the Gulf following on from the global recession and the Arab spring. Banks that are competing in the domestic or international markets need to maintain their competitive edge now more than ever and bringing in new talent is one of the key ways they can achieve this.”
The region has been affected for a number of years from an overbanked market, during the economic downturn many banks made a significant number of redundancies; however many of these banks were reluctant to let go of their best performers, recognising the need to retain top talent.
“Whilst the market continues to correct itself there will still be strong demand for experienced talent in the region but with a more diversified and international skill-set,” Nasr said.
A number of banks in the GCC are also continuing to expand internationally, most notably from Abu Dhabi and Qatar. This has led to an increased demand on attracting senior international bankers from outside of the region.
“Banks from Abu Dhabi and Qatar are still driving the demand for the strongest talent who have international experience,” Nasr added.
“A number of these banks have recently been looking to secure talent in their key strategic international locations, such as Geneva, London, Malaysia and Singapore.”
This is also evident in the recent expansion plans announced by The National Bank of Abu Dhabi into Asia, he said.
The study noted that banks are still looking to expand into the local region, a number of recent acquisitions by Gulf based banks into other parts of the Mena region such as Turkey and Egypt highlight this.
With the recent announcements by several banks of the appointment of new CEO’s, it is a clear indicator that many boards and chairmen now recognise the need to become more global in their outlook.
Many regional banks are now gearing themselves up to make the next step forward, many for international expansion and others to continue to compete in the domestic market. Bringing in new CEO’s with an international profile is one of the key ways this can be achieved,” Nasr concluded. – TradeArabia News Service
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