Barclays Poaches HSBC Investment Banker for U.K. Co-Head Role
October 17 2017 - 9:47AM
Dow Jones News
By Ben Dummett
LONDON-- Barclays PLC has poached a senior investment banker
from HSBC Holdings PLC to co-head its mergers and acquisitions
operations in the U.K.
The British-based bank has hired Omar Faruqui to oversee U.K.
M&A along with current co-head Derek Shakespeare, according to
a memo, as the bank aims to deepen its relationships with U.K.
clients.
Based in London, Mr. Faruqui will assume his new role in January
and brings over 20 years of investment banking experience across
U.K. corporate finance and financial sponsors.
The appointment comes at a time when Barclays is involved in
some of the most high-profile U.K. cross-border deals including
Vantiv Inc.'s $10 billion-plus cash-and-stock deal to acquire U.K.
payments processor Worldpay Group PLC, which was announced in
August.
At the same time, the deal making climate in the U.K. is clouded
by the uncertain political and economic fallout from Britain's
ongoing efforts to split from the European Union. Foreign
acquisitions of U.K. companies is down both by total value and
volume so far this year from the prior period, according to data
provider Deallogic.
That potentially highlights concerns by some foreign companies
over the economic outlook for the U.K. Similarly the uncertain
political climate may give U.K.-focused companies reason to expand
abroad as a way to reduce their reliance on the domestic economy.
In support of that view, outbound deal making measured by volume
and value is up so far in 2017, according to Dealogic.
Mr. Faruqui was most recently head of M&A origination at
HSBC and before that he was European co-head of financial sponsors
for the bank. Over the years, the investment banker has worked on
several acquisitions and sales for blue-chip U.K. companies
including BAE Systems PLC and Reckitt Benckiser Group PLC.
Write to Ben Dummett at ben.dummett@wsj.com
(END) Dow Jones Newswires
October 17, 2017 09:32 ET (13:32 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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