EY moving financial services partners to KSA to tap market opportunities
In a bid to tap opportunities and expand its market share in Saudi Arabia’s buzzing financial services market, EY is relocating leaders from across its footprint to its offices in Riyadh, Jeddah and Al Khobar.
“We are rapidly growing and expanding our financial services consulting capabilities in the KSA market,” said Charlie Alexander, Managing Partner of EY’s Financial Services vertical in the MENA region.
This is seeing EY bring in a cohort of (senior) practitioners to its offices in the kingdom, across its business lines such as audit, financial advisory, deals, consulting, and strategy (delivered by its strategy consulting outfit EY-Parthenon). “As we announce large strategic wins [meaning: new clients] in the coming months, we are ramping up our team,” said Alexander.
In recent weeks, this has seen Wael Tfaily move from EY in Canada to the Riyadh team. He has been with the firm for 18 years and has spent the last dozen years advising financial services clients on topics such as transfer pricing, tax, risk management, and international operations.
Meanwhile, EY has moved three of its more senior partners in the Middle East to Riyadh: Jonathan Matchett, Ivica Stankovic and Jasneet Paintal. “They are all senior and experienced partners in their respective fields. We are delighted they will now serve the KSA market on the ground alongside our existing pool of partners.”
Jonathan Matchett is an expert in the insurance sector, and leads EY’s Insurance business in the MENA region. Ivica Stankovic has more than 23 years of consulting experience within the banking sector, he previously led the firm’s Advisory business in Kuwait. Jasneet Paintal worked in banking and for Accenture prior to joining EY two years ago – he has moved to Riyadh from Abu Dhabi with a focus on technology transformation work.
EY’s growth in the financial services landscape is driven by an expansive market, on the back of developments such as a growing banking sector, a changing regulatory environment (which lifts demand for external consultants), the introduction of mandatory audit rotation starting in 2025 (EY is one of the largest players in the segment), and strong financial services activity from sovereign wealth funds.
One of the Big Four giants, and among the region’s leading financial services consulting firms, EY is well positioned to meet the growing and changing demands of financial institutions, said Alexander. “The financial services sector is a top priority for EY, and we are excited and ready for the opportunities in the Saudi market.”