Ankura launches Financial Services Advisory practice in the Middle East
After keeping several senior financial services hires in the Middle East under the radar for months, Ankura has now formally announced what the market had already been anticipating: the launch of its Financial Services Advisory practice in the Middle East.
US-headquartered Ankura is a global consulting firm active across several segments of the advisory landscape, including management consulting, risk management, disputes and investigations, cybersecurity, compliance, and performance improvement. In the Middle East, the firm operates through its offices in Dubai and Riyadh.
The firm works across sectors, with financial services one of its powerhouse industries. In the Middle East, Ankura has recently taken several steps to strengthen the vertical, including the expansion of its senior team and the introduction of new offerings.
Financial Services Advisory
This includes the launch of a dedicated Financial Services Advisory practice, supported by a series of senior hires in recent months. These include Zeeshan Idris Khwaja, who leads the Financial Services Advisory practice, alongside Adil Khan, Kabeer Paliwalla, Salah Hamawi, and Sami Roumani.
“Our new Financial Services Advisory practice in the Middle East is focused on helping clients translate strategy into measurable outcomes – driving growth, enabling transformation, and delivering sustained performance in an increasingly complex financial services environment,” Ankura said in a statement.
Commenting on the senior hires, the firm added: “They are all trusted advisors to leaders of financial institutions. Their work is underpinned by a strong track record of advising boards and C-suite executives, combined with a deep understanding of the region’s evolving regulatory, economic, and competitive landscape.”
The team advises banks, central banks, and other financial institutions across the region. While most of its work is concentrated in the Gulf, one of its most high-profile and widely reported engagements is in Lebanon, where the team is playing an integral role in the restructuring of the country’s ailing banking sector.
Ankura’s role in Beirut
As Lebanon navigates one of the most severe banking crises seen in the region, with an estimated $80 billion in financial losses following the collapse triggered by the 2019 financial crisis, Ankura has been appointed as a consultant to advise on loss distribution, restructuring strategies, and the future design of the banking sector.
Consultants from the firm are working on one of the country’s most pressing discussions: how should losses be allocated between the central bank, the state, commercial banks, and depositors? Together with Rothschild and Lazard, Ankura has been selected by the Association of Banks in Lebanon to advise on negotiations with the Banque du Liban regarding deposits and other financial exposures held by the country’s banks.
In related work, Ankura is also advising at a national level on the country’s sovereign debt strategy, the future of the banking sector landscape, and the broader restructuring plan required to stabilise the system while maintaining support from the international community, including the IMF.
“We started the practice a few months ago and are delighted to formally share the news with the market,” said Idris Khwaja. “We look forward to driving strategy and execution for our clients with a world-class team that is relentless in delivering outcomes. We see tremendous opportunities to support our clients in growing, scaling, and transforming across the region.”
