HSBC Bolsters Saudi Investment Banking Team to Tap Deals Boom

HSBC Holdings Plc named new heads for two of its investment banking businesses in Saudi Arabia to bolster its position in a hot spot for deal activity.

Mehdi Benabdallah has been appointed as head of mergers and acquisitions in the kingdom while Ramez Halazun was named head of equity capital markets, according to an internal memo obtained by Bloomberg News.

Saudi Arabia, the Gulf’s biggest economy, has become a focus point for investment banks seeking to pursue deals as the kingdom embarks on a multi-trillion-dollar plan to diversify away from oil.

The appointments came as Saudi Arabia on Sunday kicked ...