Movements Round-Up: Leadership appointments in the Middle East's BFSI sector
The Banking, Financial Services, and Insurance (BFSI) sector in the Middle East is undergoing a rapid transition toward regional growth, driven by digitisation and sustainability efforts despite ongoing challenges. Particularly noteworthy is the GCC government's collaboration with banks and fintech companies to expand services into non-oil sectors, aiming for economic diversification and to mitigate geopolitical instability. This collaboration is poised for significant growth, and BFSI companies in the region are aligning their strategies and efforts accordingly, with leadership appointments being one of them. People Matters brings a curated list of all leadership appointments and movements in the BFSI sector since January 2024.
#1 Mashreq: AlSalt Mohammed Al Kharusi as Country Head of Oman
In February 2024, Mashreq announced the appointment of AlSalt Mohammed Al Kharusi as the Country Head of Oman, tasked with spearheading the bank's expansion strategy, performance, and operations in Oman while ensuring compliance with local and international standards. Additionally, he will focus on enhancing client experiences, driving digital transformation, and fostering a culture of excellence and innovation for the bank in the region. AlSalt brings a wealth of experience to his new role. He commented, “I look forward to contributing to the bank’s growth and success in Oman, leveraging my experience to enhance our services and create value for our clients and stakeholders. This role presents a unique opportunity to contribute to Mashreq’s impressive legacy, and I am committed to making a meaningful contribution to the bank’s continued growth and success in the region.”
#2 Bessemer Venture Partners: Ariel Sterman as a Partner
Although an investment and asset management company, BVP appointed BFSI leader Ariel Sterman as a Partner to lead its operations in Israel. Sterman also serves as an advisor on the board for several technology startups and as an investor for various software, HRTech, and small financial companies. With over two decades of BFSI industry experience, he brings a wealth of knowledge to his new role. He added, “It's been a career highlight for me to contribute to the growth of the Israeli economy and the tech ecosystem. Only recently have startups in Israel proven their ability to scale into independent, enduring businesses. We’re still in the early innings, and I’m grateful that Bessemer continues to be a major player here.”
#3 Gulf International Bank: Khaled Abbas as the CEO - KSA and Sara Abdulhadi as the CEO - Bahrain
In March 2024, GIB announced the appointment of Khaled Abbas as the CEO of Saudi Arabia, and Sara Abdulhadi as the CEO of Bahrain. Both leaders will spearhead the bank's operations in their respective countries, taking over responsibilities from Group CEO Abdulaziz Al-Helaissi, who has been handling these responsibilities since 2016. Khaled and Sara bring a wealth of industry experience to their new roles. Abdulaziz added, “The appointments of Khaled and Sara will further strengthen and diversify our leadership structure as we accelerate our growth to develop the full potential of our franchise. I am especially pleased that we have been able to fill two such critical roles with internal candidates. This is a testament to the depth of talent across the Group, as well as the exceptional performance and leadership demonstrated by Khaled and Sara. Both are ideally placed to lead our operations in Saudi Arabia and the GCC. I look forward to working with them in this new chapter for GIB and take great pride that we have the people and the culture to move forward with confidence.”
#4 Monroe Capital: Waleed Noor as MD and Head of Middle East
A global financial asset management company, Monroe Capital, has appointed industry leader Waleed Noor as the Managing Director and Head of the Middle East region. He will be based in Abu Dhabi in a new office setup to oversee operations and bolster the company’s market presence in the region. Ted Koenig, Chairman, and CEO of Monroe Capital, commented, “We look forward to our continued strategic growth and expansion in the Middle East. Over the last few years, we have seen more interest and appreciation of the Monroe platform and the private credit asset class from Middle East investors.”
#5 HDFC Bank: Bedour Al Dhamkhi as Head of HR in Kuwait
In March 2024, the leading bank, HDFC in Kuwait, announced the appointment of Bedour Al Dhamkhi as Head of HR, overseeing the bank’s local and regional people policies to strengthen the employee value proposition for new talent and experienced employees. Bedour brings a wealth of HR leadership. She added, “HSBC offers a unique employee value proposition that includes a focus on employee well-being through flexible working, international career opportunities, and a focus on future skills. I look forward to working with the leadership team and everyone in our business to support colleagues with career growth and make HSBC an employer of choice in Kuwait.”
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#6 GTN Group: Damian Bunce as CEO in the Middle East
A leading financial services company, GTN, appointed Damian Bunce as the Chief Executive Officer for the Middle East region. Damian brings over three decades of industry leadership experience to his new role. He will be responsible for leading the company's strategic growth, fostering innovation, and collaborating with global networks across the region. He added, “I look forward to returning to mainstream B2B and working in a region that has gained global strategic importance for financial services. GTN has a strong leadership team, a market-leading regulated product, an enviable client list, and a high-quality board of investors; the future possibilities are limitless.”