DUBAI: Morgan Stanley named Patrick Delivanis as the head of investment banking in the Middle East and North Africa, a spokesman confirmed on Monday, replacing Klaus Froehlich who is relocating to Frankfurt for a senior investment banking role.
Delivanis, who was instrumental in advising on the state-backed merger of Abu Dhabi property firms Aldar Properties and Sorouh Real Estate, has been with the bank's investment banking team in Dubai since 2007.
Froehlich, the current MENA head, is relocating to Europe as global head of capital markets for Germany and Austria.
Prior to his stint in the Middle East, he was the bank's head of equity capital markets for Germany, Austria and Switzerland.
A spokesman for the bank in Dubai confirmed Delivanis' appointment and Froehlich's move to Frankfurt.
Investment banking activity in the Middle East is showing signs of a slow revival as mergers and acquisitions activity picks up and equity sales recommence after a long hiatus.
Investment banking fees in the Middle East grew 20 percent last year, data compiled by Thomson Reuters showed.
In 2013, Morgan Stanley was one of the advisers to telecoms operator Etisalat in a block sale of its 9.1 percent stake in Indonesia's PT XL Axiata and also advised French lender Societe Generale in the sale of its Egyptian arm to Qatar National Bank. (Reuters)