A banker from Morgan Stanley (NYSE: MS) has reportedly joined the investment banking arm of Banque Saudi Fransi. According to an internal memo quoted by Reuters, Motaz Alangari, who advised Aramco, the Saudi oil giant, on its initial public offering (IPO), leaves the bank after working there for over five years.
Alangari is based in Riyadh where he was leading Morgan Stanley’s Saudi investment banking business. With the decision in place, the banker will join Fransi Capital to lead the investment banking team, according to an unnamed source quoted by Reuters. “During his time at Morgan Stanley, Motaz has helped greatly develop our franchise in Saudi Arabia, working tirelessly to promote the firm’s interests in the kingdom across divisions,” the memo noted.
As of press time, the US bank nor Banque Saudi Fransi have not issued any public comment on the matter. Prince Alwaleed bin Talal’s Kingdom Holding has a 16.2% of ownership in Banque Saudi Fransi. Alangari was critical of the major deals that Morgan Stanley held in the Middle East, including Aramco’s $29.6 billion IPO. In addition, he was involved in the public share sale of Solutions by STC, raising around $966 million.
The Middle East and Investment Banks
Prior to his role at Morgan Stanley, Alangari worked for Samba Financial Group, which merged with National Commercial Bank that created Saudi National Bank this year. With the manoeuvre, Banque Saudi Fransi expects to capitalize on the COVID-19 recovery that the region is in nowadays after the slowdown suffered in 2020, where investment banks have been taking advantage.
In May, the Morgan Stanley Global Head of prime brokerage business resigned from his role, citing health issues. Edward Keller stepped down, and Penny Novick and Kim Shaw have replaced him as the new Global Co-Heads of the prime brokerage. The exact health issue details are unknown.
