FIG will be big in the Gulf
Gulf banks are increasingly eager to tie the knot, and Financial Institutions Group bankers with local contacts may yet be needed to make some introductions.
Nuptials in the Gulf's fragmented and over-banked market have already begun, with the National Bank of Dubai and Emirates Bank International in talks to create a new regional giant with US$45bn in assets.
Gulf recruiters say Financial Institutions Group (FIG) bankers aren't hot property yet, but big banks in the market have reportedly been putting out feelers to establish what kind of FIG M&A talent is available.
"Consolidation has to take place... the central bank is working towards it and the coming year will be very active," predicts Samar El Gazar, managing director of Dubai-based recruitment firm Leaders Solutions.
El Gazar says a senior FIG banker in Dubai can currently expect to earn around US$200k, plus a 100% to 200% bonus.
Barbara Van Meir, director of financial services at the Gulf branch of headhunter WoodHamill Ingram, says consolidation in the banking sector has yet to boost local demand for FIG expertise.
She adds that compensation for senior M&A staff in the Gulf continues to lag behind the UK and London. But this may change once consolidation really begins.
