Banque Saudi Fransi Loses Key Equity Banker To Jadwa Investment

Amr al-Jallal, described as a key member of Banque Saudi Fransi’s equity capital markets operation, has left the bank to join Saudi Arabian investment firm Jadwa, the head of Fransi’s investment bank confirmed.

Jallal, who was senior vice-president of investment banking at Saudi Fransi Capital, the investment banking unit of BSF, resigned last month, two sources had said on condition of anonymity as the information wasn’t public.

In an interview with Reuters, Yasir al-Rumayyan, chief executive officer of SFC, confirmed Jallal had departed for a private equity role at Jadwa.

“He’s a great guy and one of the best guys who can execute, but he wants to be in private equity,” Rumayyan said in an interview on the sidelines of a finance conference in Bahrain.

Before joining SFC in July 2012, Jallal spent two years as head of industrial and services sector listings at the Saudi Arabian regulator, the Capital Market Authority (CMA), according to his LinkedIn profile.

Saudi Arabia’s regulator is known for its conservative approach and the process of getting an initial public offer of shares approved is said to be complex.

Five IPOs took place in the kingdom in 2013 raising $506.6 million, down from seven raising $1.4 billion the previous year. This was despite a 25.5 per cent increase in Saudi Arabia’s benchmark stock index on the back of improved economic performance and risk appetite among investors.

One source said Jadwa had always preferred to exit investments through IPOs instead of sales to other parties, so Jallal’s listing experience would prove valuable to them.

SFC has enjoyed success in recent months securing IPO mandates; it has been chosen to advise on share sales by healthcare provider Sulaiman Al-Habib and hospitality group Al-Hokair – a company in which Jadwa owns a stake.

However, Rumayyan said Jallal’s departure wouldn’t undermine SFC’s equities business.

“It will not have a great impact on the business because we still have lots of skilled people and many with experience in dealing with the regulator, including myself,” he said.

Rumayyan spent more than six years at the CMA, with over half that time as head of securities listings, according to his LinkedIn profile.