close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Credit Agricole to close MidEast M&A operations

Credit Agricole to shut MENA M&A operations in Dubai - exec; M&A business for the region to be run from Paris - exec; Move part of wider strategic review of the bank - exec

0

September 28, 2011 11:14 by



French bank Credit Agricole will close its regional mergers and acquisitions business and move the operations back to its Paris office, an executive at the bank said on Tuesday.

The move is part of an ongoing review at the bank which also led it to shut its Bahrain office and move staff to Dubai.

“The move will affect around five to six people,” Bernard Mignucci, general manager for the Gulf countries, told Reuters.

“We want to concentrate on areas where we can add value to our clients,” he said, citing a focus on Europe and Asia.

In May, the bank lost its top investment banker for the Middle East and North Africa region, Albert Momdjian, to Swiss bank UBS.

Mignucci said several of the affected employees had turned down offers of relocation within the company. At least two of the bankers, including the regional chief financial officer, had opted to leave, sources told Reuters.

Shares in French banks are trading at crippled valuations after a summertime sell-off halved their share prices to levels not seen since 2009, wiping nearly 60 billion euros ($82 billion) off their market value.

Earlier this month Moody’s downgraded the credit rating of Societe General and Credit Agricole .

Credit Agricole expects to complete the relocation of its Bahrain operations to Dubai in June 2012, Mignucci said. Once finalised, the bank will have about 120 people based in Dubai.

“It’s not to do with the political decision but the fact we had around 50 people in both Bahrain and Dubai so we wanted to focus on one place,” he said. (Reporting by David French, Editing by Dinesh Nair and Amran Abocar)



0

Tags: , , , , ,

Leave a Comment