SINGAPORE: Following a period of turbulence and slow business characterized by at least US$77 million-worth of losses, the Islamic Bank of Asia (IBA) appears to be implementing a slow but sure rebuilding of its operations. The bank, owned by DBS Bank and investors from the GCC, has just announced two appointments seen as key to strengthening its business; charting its future direction.
At its headquarters in Singapore, it has appointed Harish Parameswar as a managing director and its head of investment banking, while it has also named Saleh Al Nashwan as the chief representative of its Bahrain representative office.
Toby O’Connor, the CEO of IBA, said that: “The addition of Parameswar and Saleh to our senior management reflects IBA’s commitment to deliver a first class Shariah compliant merchant banking platform servicing Asia and the Middle East.” He added that: “Strong client coverage across the Middle East and Asia with high quality transaction origination and execution are essential for us to fully capture our business opportunity.”
O’Connor himself was appointed in May last year, to a position that had been vacant since December 2009 following the departure of then-CEO, Vince Cook. Following the impact of impairments on accounts from the Gulf, O’Connor was tasked with re-directing IBA; moving the bank out of the financing business and focusing on fee-based income.
The bank now appears to be banking on its new hires to continue with its refreshed outlook. According to its statement, Parameswar will oversee the expansion of the bank’s investment banking business, including private equity, advisory, private placement and capital markets activities; in line with its strategic priorities.
Prior to his appointment, Parameswar was the managing director of Beacon Advisory International, a corporate finance advisory and private equity investment firm which he also founded. He also has experience at Deutsche Bank and Jardine Fleming.
Meanwhile, Saleh will lead the bank’s regional office and coverage of its shareholder and clients across the GCC. He will work with the bank’s head office to strengthen business activity with its Middle East clients. He was previously the chairman of MECAP Consultancy and the founder and CEO of investment company Maalem Holding. (source:Islamic Finance News).
