Ithmaar Bank Appoints Executive Director, Private Equity
Ithmaar Bank announced the appointment of veteran banker Michael McKinlay as Executive Director, Private Equity, responsible for placement of a wide array of private equity investments and funds. Ithmaar Bank is a Bahrain-based investment bank with global reach, having subsidiaries and affiliates covering a broad spectrum of Islamic banking and finance products and services.
“Ithmaar Bank is handpicking top investment bankers with expertise in private equity or other types of financial products and services, or with knowledge of specific industrial sectors,” remarked Michael P. Lee, CEO. “Mike has extensive experience in the financial services industry, including 25 years in investments and banking, of which 15 years have been in the GCC. His familiarity with different asset classes will add tremendously to the Bank’s pool of investment expertise,” he added.
McKinlay, a British national, founded and led Stormberg Partners WLL, a GCC-based advisory firm directed at the Chairmen and CEOs of leading Family Groups in the region. Prior to that he had spent 15 years at wealth management ‘start ups’, working for Credit Suisse and HSBC, among others, and establishing operations in several countries including the Kingdom of Saudi Arabia, Switzerland, Jersey and the UAE.
McKinlay had also spent 10 years as a transactional commercial banker with what is now known as JP Morgan, largely in positions of country leadership. He has an MBA from Cranfield School of Management and is an alumnus of the London Business School’s one year Investment Management Programme.
“Given the strong economic fundamentals and financial liquidity in the MENA Region and the improving depth of the regional capital markets, one outcome is that private equity opportunities will continue to arise,” said McKinlay. He added, “The bank’s private equity strategy is to establish a portfolio of funds, all managed by investment specialists with excellent track records. Our funds cover a wide range of investor interests, including infrastructure funds and others focusing on innovation, technology, real estate and so on. We also are offering direct private equity opportunities from time to time, and will also be offering venture capital investments.”
About Ithmaar Bank:
Ithmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange (“ITHMR”). It has a paid-up capital of US$360 million, total equity of US$1.1 billion and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing, private banking, and advisory services covering project financing, investments, capital markets and mergers & acquisitions.
Ithmaar Bank’s flagship subsidiaries and affiliates include Shamil Bank of Bahrain, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company.