The changes at major banks keep coming, with Alexander Karolev parting ways with the lender to join BNP Paribas as its newest Emerging Markets Debt (ECM) syndicate manager, according to a Reuters report.
In his new role as the ECM syndicate manager at BNP Paribas, Mr. Karolev will be tasked with helping drive the unit’s growth and capabilities across a variety of regions. He will also be reporting to Rupert Lewis, head of high-grade corporate and CEEMEA Growth Markets bond syndicate at BNP Paribas.
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Mr. Karolev himself will be replacing the outgoing Nick Darrant, BNP’s former ECM specialist who left the bank back in June. Since his departure, he has since agreed to terms with JPMorgan, though will only begin his position in September.
The move comes at a key precipice given the macroeconomic upheaval facing Emerging Markets (EM) – these markets have seen a number of headwinds, notwithstanding staunch evidence of a stock market bubble in China and a recent report from the International Monetary Fund (IMF) downgrading global growth this year.
Despite the recent move, BNP has been rather mum on personnel changes across its global business over Q2 2015. Its last move of note was back in April, when BNP Paribas saw the departure of Tim Edwards, the French banking giant’s long-time Head of Electronic Markets for the Asia-Pacific (APAC) region.