(Bloomberg) -- Shuaa Capital PSC said former Credit Suisse banker Wafik Ben Mansour will become acting chief executive officer of the Dubai-based investment bank after Fawad Tariq Khan resigned.
Khan is leaving the firm due to personal reasons, according to two separate statements, which confirmed an earlier Bloomberg report. Shuaa’s board of directors will take a resolution on Monday regarding Ben Mansour’s appointment.
“Mr. Khan will serve his notice period of three months with Shuaa providing support and ensuring smooth continuity of business activities,” Shuaa said.
The management change is taking place as the investment bank prepares for a rights issue. The company’s shares have also been suspended in recent days before it publishes third-quarter results.
Ben Mansour joined Shuaa as head of its investment banking division six months ago from Credit Suisse where he worked for nearly 15 years.
Before the 2008 financial crisis, Shuaa was one of a handful of homegrown investment banks that were involved in the region’s bigger capital market transactions. In recent years, the firm has undergone a series of ownership and management changes.
The company earlier this year hired a number of former Credit Suisse bankers to rebuild its investment banking franchise.
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