Canaccord Genuity Group Inc. (
TSX: CF,
Stock Forum) said Thursday it is planning to build an investment banking and advisory practise with senior managing director presence in Dubai.
The Canadian investment firm said the aim is to service its existing relationships with the Middle East, North Africa, and South Asia (MENASA) region.
Sachin Mahajan, Managing Director of Mergers and Acquisitions will be transitioning over the coming weeks with the expectations of being fully operational in calendar Q2.
“This important initiative reinforces our commitment to our clients in the MENASA region who will continue to benefit from the strengths of our global platform and the added benefit of local expertise,’’ said Paul Reynolds, President and CEO of Canaccord Genuity.
Canaccord shares eased 2% to $6.31, leaving a market cap of $642.9 million, based on 101.9 million shares outstanding. The 52-week range is $13.49 and $5.98.