Nomura expands FX business in Dubai
Nomura has hired three senior foreign exchange traders in Dubai as part of the expansion of its global rates and FX trading business into the Middle East.
Hyeonmuk Mun will lead the team as managing director, reporting to Charlie Lovett-Turner, head of emerging markets rates and FX trading in London. Mun has 15 years’ experience of trading in the region, having worked at Royal Bank of Scotland (RBS), Calyon and Citi.
Forex traders Hatem Jerad and Ali Debbagh are also joining Nomura in Dubai, reporting to Mun. Jerad has worked previously at RBS, ABN Amro and Citi. The team will focus on institutional clients and all major currencies in the Middle East and North Africa (Mena).
“Currency trading is a growth area within emerging markets, and we see major opportunities to serve our clients internationally. Clients increasingly want to trade Mena currencies, so we have acted quickly to strengthen our offering. This will complement our already strong presence in Middle East credit trading,” said Lovett-Turner.
“The development of our currency capabilities in the region follows our progress in the sukuk market. We have recently completed our first lead-managed transaction for Abu Dhabi Islamic Bank, successfully pricing a $500 million sukuk. This role on a benchmark offering is a testament to Nomura’s important presence in the Middle East and Islamic banking sector,” said Philip Lynch, Nomura’s chief executive of Asia ex-Japan and the Middle East.
This article was first published on FX Week