Bank of New York to expand in Middle East

12 October 2006

The Bank of New York has said that it will reorganize and expand its operations in the Middle East and Africa (MEA) in order to take greater benefit from the regions' developing markets.

Reorganization will involve the appointments of Hani Kablawi as head of the MEA division, and William Ghazar as vice president.

According to the bank, the new team's mandate will be to grow the pre-existing business as well as looking for opportunities to expand further.

"The Middle East and Africa forms an extremely important part of our developing markets business," commented the Bank of New York's executive vice president William F Williams.

"Moving MEA division management from New York to the field is a reflection of that, and of our desire to locate bank resources closer to our clients."

The Bank of New York has been operating in the Middle East for more than 70 years, offering investor and asset management services.

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