Credit Suisse’s Middle East managing director and co-chief executive officer, Bassam Yammine, has resigned from the bank to pursue personal investments, two sources familiar with the matter said on Wednesday.
Yammine, who joined the Swiss bank in 2007, will stay until the end of 2012 to assist in the handover process, one of the sources said. A replacement is yet to be appointed, the source added.
The sources declined to be named before an official announcement. Comment could not immediately be obtained from the bank.
Under the management of Yammine, who headed its investment banking and asset management businesses in the region, Credit Suisse has been strengthening its ties with Gulf Cooperation Council countries, mainly the United Arab Emirates and Qatar.
The bank advised investment firm Qatar Holding on several deals including high-profile purchases of stakes in German auto maker Porsche and the acquisition of London’s famed Harrods department store.
Qatar owns a 6.2 percent stake in Credit Suisse and is the top shareholder in the bank, followed by Saudi Arabia’s Olayan Group. Both Gulf entities took part in Credit Suisse’s 2012 capital raising.