Islamic Bank of Asia yesterday announced two senior appointments that it said will drive the bank’s focus on investment banking and establish greater links between the Middle East and Asia.
Harish Parameswar was appointed a managing director and head of investment banking and will be based in Singapore. And Saleh Al Nashwan joined as the chief representative for the Islamic Bank of Asia’s Bahrain representative office.
Incorporated in May 2007 with DBS Bank and prominent investors from the Gulf Cooperation Council countries as shareholders, Islamic Bank of Asia aims to tap into opportunities within Asia and the Middle East. Headquartered in Singapore, it focuses on Shari’ah-compliant capital markets, direct investment and corporate banking services.
Parameswar will oversee the expansion of Islamic Bank of Asia’s investment banking business, which includes private equity, advisory, private placement and capital markets activities, which is in line with the bank’s strategic priorities.
Before joining Islamic Bank of Asia, Parameswar was most recently the founder and managing director of Beacon Advisory International, a corporate finance advisory and private equity investment firm focused on emerging markets. Prior to this, he was a managing director at Lazard Asia from 2006 to 2010, serving as head of Southeast Asia with additional responsibility for the technology and media sectors in Asia. He also worked at Deutsche Bank and Jardine Fleming in various corporate finance roles in Singapore and India.
As chief representative of Bahrain representative office, Al Nashwan will focus on bridging capital flows and business between the Middle East and Asia.
Before joining Islamic Bank of Asia, Al Nashwan was most recently the chairman of Mecap Consultancy, and founder and CEO of Maalem Holding, an investment holding company, from its inception in 2008 to May 2011. He is currently a non-executive director of Nass Corporation BSC, a Bahraini joint-stock company.
A Saudi national, Al Nashwan has held several senior management positions in leading banks and financial institutions in Saudi Arabia and Bahrain, including Addax Investment Bank, Gulf Finance House and Saudi American Bank. He has played key roles in several major real estate projects and investment deals in the region.
“The addition of Harish and Saleh to our senior management reflects IB Asia’s commitment to deliver a first-class Shari’ah-compliant merchant banking platform servicing Asia and the Middle East,” said Toby O’Connor, CEO of Islamic Bank of Asia. “Harish brings a wealth of investment banking, private equity and relationships within Asia, while Saleh has extensive business experience and connectivity in the Middle East. Strong client coverage across the Middle East and Asia with high quality transaction origination and execution are essential for us to fully capture our business opportunity.”