HSBC Holdings has appointed Samer Deghaili as the new head of its equity capital markets business in the Middle East and North Africa.

Deghaili replaces Michael Bevan, who will head coverage of Asian sovereign wealth funds in HSBC's Hong Kong headquarters.

In his new role, Deghaili will report to Adrian Lewis, the head of EMEA equity capital markets, and regionally to Georges Elhedery, head of markets and capital financing for Mena region.

Equity capital markets activity in the Gulf region is showing signs of recovery as financial markets and valuations pick up after years of sluggish activity. Bankers in the region say more companies have been making initial enquiries about IPOs and secondary share offerings.

Dubai is among the best performing equity markets this year with its benchmark index up 65 per cent year-to-date.

HSBC revamped its global investment banking operations in July, separating responsibilities for products and client coverage in a bid to drive business growth.

The lender named Mohammed al-Tuwaijri as chief executive of the Mena region, replacing Simon Cooper, who was appointed head of the bank's commercial banking arm.-Reuters