Barclays M&A Unit Hires HSBC Banker -- WSJ
October 18 2017 - 3:02AM
Dow Jones News
By Ben Dummett
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (October 18, 2017).
LONDON -- Barclays PLC poached a senior investment banker from
HSBC Holdings PLC to co-head its U.K. mergers-and-acquisitions
operations.
The British-based bank 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, 42 years old, will assume his new
role in January. He brings more than 20 years of investment-banking
experience across U.K. corporate-finance and private-equity
firms.
The appointment comes as 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
continuing efforts to split from the European Union. Foreign
acquisitions of U.K. companies are down about 15% measured by total
value and down about 5% by volume so far this year from the
year-earlier period, according to data provider Dealogic.
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.
Supporting that view, outbound deal making measured by value and
volume is up significantly so far in 2017, according to
Dealogic.
Mr. Faruqui, who left HSBC last week to join Barclays, was 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 18, 2017 02:47 ET (06:47 GMT)
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