By Dinesh Nair
DUBAI, Dec 4 (Reuters) - Global Investment House is set to hire Michael Helou, a former senior banker at Barclays, as its investment banking head, four banking sourcessaid, as the Kuwaiti firm seeks to revive growth after a debtrestructuring deal.
Global, one of the largest investment firms in the MiddleEast, was hit hard by the 2009 global financial crisis, whichcrippled debt markets and led to a sharp drop in asset values.It completed a $1.7 bln debt restructuring plan with creditorsin July.
Global declined to comment on the appointment. Helou couldno immediately be reached for comment. His appointment isawaiting regulatory approvals and will be effective by early2014, one of the sources said.
The firm, which delisted from the Kuwait bourse and iscurrently debt-free post the restructuring, is now seeking torevamp its operations and the hiring is part of a plan tobolster key business lines, the sources said, speaking oncondition of anonymity as the matter is not public.
"They (Global) clearly are putting their past behind themand seem more focused on growing their business postrestructuring," another senior banking source said.
In September, Global hired Raul Biancardi to head its assetand wealth management division, a veteran investmentprofessional who has previously worked at large banks, includingDeutsche Bank and Morgan Stanley Inc. The firmhas about $4 billion in assets under management.
Helou had joined Barclays in 2010 and headed the bank'sfinancial institutions group in the Middle East and NorthAfrica. He resigned from the British bank's Dubai office earlythis year.
He had originally moved to Dubai in 2006 to set upRothschild's regional office. At Barclays, Helou worked onseveral deals including Qatar Holding's 2010 purchase of a stakein Santander's Brazilian unit, and Kuwaiti lenderBurgan Bank's purchase of EFG Eurobank's Turkish unit.
Senior bankers from big international banks in the MiddleEast are joining local banks and financial institutions,attracted by the region's encouraging economic growth outlook.
"There is a pool of senior international talent in themarket who are looking for an interesting challenge rather thanjust work for a bulge bracket name who has no capital orlong-term commitment to the region," the banking source said.
Abu Dhabi's First Gulf Bank hired Simon Penney,previously Royal Bank of Scotland's chief executive forthe Middle East and Africa, to help expand its wholesale bankingbusiness, the lender said in May.
QInvest, a Doha-based bank, has appointed Michael Katounas,previously with Swiss lender Credit Suisse, to run itsinvestment banking division. Last year, the heads of the Qataroperations of Goldman Sachs and Morgan Stanley joined localbanks in that Gulf state.