Rasmala Investment Bank and The Royal Bank of Scotland revealed today that they have reached an agreement to start equity research coverage on 50 to 60 of companies listed on various Middle Eastern stock markets. The lunch has been scheduled for April 2010.
Middle Eastern companies have received a lot of international attention in recent months, spurring investor demand for transparent and accurate information about regional market activities. Rasmala and RBS will be responding to this demand.
“RBS is actively expanding its Equities product offering in the region. This strategic partnership will complement our existing strengths in Corporate Advisory, Capital Markets, Treasury and Trade Finance. Joining forces with Rasmala demonstrates RBS’s continued focus and commitment to the Middle East & Africa business” commented Simon Penney (Head of RBS’s Global Banking & Markets Division for Middle East & Africa).
Commenting on the signing, Tamer Bazzari, CEO of Rasmala said “The alliance with RBS will ensure that our clients receive high quality research on companies listed in the Middle East combining Rasmala’s deep regional knowledge with RBS’s international experience.
With the development of Middle East capital markets, international institutions will become steadily more active in the region, and this alliance will enable both of us to serve them better”.
Zafar Alam, Head of Equities and Structured Retail, Middle East & Africa at RBS said RBS’s partnership with Rasmala will provide a compelling research and execution offering for our clients. “We are confident that Rasmala’s regional footprint and expertise in equity research and brokerage will provide comprehensive insight into Middle East listed companies to benefit international investors and institutions,” he added.
Rasmala’s brokerage business, headed by Khaled Masri, provides a full range of regional brokerage services in 14 markets. The joint venture with RBS is expected to considerably increase their client base and flows.