StanChart Names New CEO for MidEast PE Biz

(Reuters) – U.K. bank Standard Chartered (STAN.L) on Tuesday named Taimoor Labib as new head of its Middle Eastern private equity business, as the unit will be focusing on investments in mid- to late-stage businesses.

Labib was previously head of private equity at Jadwa Investment, a Riyadh-based merchant bank, and also worked for private equity giant Carlyle and Egyptian bank EFG Hermes (HRHO.CA). At Standard, which is listed in London and Hong Kong, he will also be responsible for North Africa and Turkey.

“Taimoor will be heading a team that will be focusing on investing in mid-to-late stage companies across sectors,” the bank said in a statement.

Private equity activity in the Middle East has been muted following the global credit crunch, but many firms are sitting on dry powder and analysts have said investments may pick up again by the end of the year. (Reporting by Nicolas Parasie; editing by Thomas Atkins)