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SHUAA Capital Starts Phased Approach to Redundancy Programme
(30 November 2011)

 

SHUAA Capital announces today that it has started the phased redundancy programme as outlined in its recent third quarter results. This programme is part of a wider systematic rightsizing and revenue enhancement plan which will improve SHUAA’s operational efficiency and adapt the Company’s cost structure to the tough business climate. This includes a further reduction of administrative expenses, the amalgamation and alignment of departments, a recalibration of budgets as well as a headcount reduction.

The redundancy programme will take a number of weeks to complete. In the first phase 29 people will be affected. SHUAA is determined to manage the process in a controlled manner and reduce business disruption as much as possible.

Whilst people will be affected from most divisions across the group the majority relate to repositioning the retail brokerage business. SHUAA will retain its brokerage licenses in the UAE and Saudi Arabia. Selected clients will be transitioned to the institutional sales and trading desk which will provide a more enhanced service platform. Retail clients will have the option and support from SHUAA Securities to migrate their accounts to other local brokers.

Michael Philipp, CEO of SHUAA Capital said: “We have a clear strategy and the commitment of the Board of Directors to return the business to profitability. The decision we made to reposition the retail brokerage is a necessary step in the right direction. Markets have been challenging for the entire industry in 2011, and we expect conditions to be much of the same for the next few quarters. The way forward is to build a client-centric organization that concentrates all efforts on the needs of our core clients, including asset management, corporate advisory, SME finance and institutional brokerage. In these businesses SHUAA has an enviable execution track record. We expect the cost cutting measures to have a significant positive impact on our bottom line going forward.”

SHUAA also announces today that Houssem Ben Haj Amour has been appointed Finance Director, replacing Paul Kelly. The appointment is effective immediately. Houssem Ben Haj Amour, a chartered public accountant, joined SHUAA Capital in 2007 as Head of Accounting, overseeing SHUAA Capital’s accounting department. Before joining SHUAA Capital, Houssem Ben Haj Amour was Head of Accounting at SocieteGenerale in Tunisia and worked as a manager in the Auditing and Consulting department of Arthur Anderson.

 

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