PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Ithmaar Bank appoints executive director for private equity

Ithmaar Bank, a Bahrain-based investment bank active in a broad spectrum of Islamic banking and financial products and services, has appointed veteran banker Michael McKinlay as executive dire

Ithmaar Bank, a Bahrain-based investment bank active in a broad spectrum of Islamic banking and financial products and services, has appointed veteran banker Michael McKinlay as executive director for private equity, responsible for placement of a wide array of private equity investments and funds.

‘Ithmaar Bank is handpicking top investment bankers with expertise in private equity or other types of financial products and services, or with knowledge of specific industrial sectors,’ says chief executive Michael P. Lee.

‘Mike has extensive experience in the financial services industry, including 25 years in investments and banking, of which 15 years have been in the Gulf Co-operation Council region. His familiarity with different asset classes will add tremendously to the Bank’s pool of investment expertise.’

McKinlay, a British national, founded and headed Stormberg Partners WLL, a GCC-based advisory firm targeting the chairmen and chief executives of leading family groups in the region.

Prior to that he had spent 15 years at wealth management start-ups, working for groups including Credit Suisse and HSBC and establishing operations in various countries and territories including Saudi Arabia, Switzerland, Jersey and the United Arab Emirates.

McKinlay, who also spent 10 years as a transactional commercial banker with a group that is now part of JP Morgan, largely in positions of country leadership, says: ‘Given the strong economic fundamentals and financial liquidity in the Middle East and North Africa region and the improving depth of the regional capital markets, one outcome is that private equity opportunities will continue to arise.

‘The bank’s private equity strategy is to establish a portfolio of funds, all managed by investment specialists with excellent track records. Our funds cover a wide range of investor interests, including infrastructure funds and others focusing on innovation, technology, real estate and so on. We also are offering direct private equity opportunities from time to time, and will also be offering venture capital investments.’

Ithmaar Bank is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange. It has a paid-up capital of USD360m, total equity of USD1.1bn and is a full investment bank with its direct business covering the Middle East and North Africa region, as well as South Asia, the Asia-Pacific region and Europe.

As well as a significant presence in the banking, financial services and real estate sectors in different markets, the main activities of the bank include underwriting of equity and other financings, private equity structuring, participation and portfolio management, Islamic financing, private banking, and advisory services covering project financing, investments, capital markets, and mergers and acquisitions.

Ithmaar Bank’s subsidiaries and affiliates include Shamil Bank of Bahrain, Bahrain-based Islamic insurance company Solidarity, Faisal Private Bank in Switzerland, Faysal Bank in Pakistan, First Leasing Bank and Ithmaar Development Company.

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured