May 27 2009 |
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More M&A Activities Seen in 2009
DUBAI - Mergers and acquisitions activities in the GCC have remained dynamic despite the economic downturn, and 2009 will see more consolidation, said Albert Momdjian, Managing Director of Calyon, Crédit Agricole's corporate and investment bank.Local banks need to strengthen their equity base, while sovereign wealth funds in the region should take part more actively in financing M&A activities and projects to restore confidence into the financial system, ?Momdjian said.
Momdjian, who is also head of Calyon's Middle East & Africa Investment Banking as well as DIFC Branch CEO, said the investment bank has been growing stronger in the region despite the global economic crisis. He attributed the company's long-term success to a focused organisational and investment strategy and believes that the awards recognising its achievements in the current environment are ?well deserved.
"Critically, at a time when companies are downsising, Calyon is strengthening its regional team through selective new appointments. Thanks to our focused strategy we are seeing continued positive growth and are benefitting from our exceptional track record in this region," said Momdjian.
"This has led to a string of high profile transactions including the largest acquisition deal in the Middle East and North Africa. Calyon was pivotal as an adviser to Lafarge, the world's leading building material specialist on the largest ever foreign direct investment in the Middle East and Africa region; the acquisition of Orascom Construction Industries' cement business for a total consideration of $15 billion," he said. In Saudi Arabia, Calyon led Zain's IPO, which was the third largest offering in the region.
© Khaleej Times 2009
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