A notable shift is unfolding in the debt capital markets arena as Khaled Darwish prepares to leave HSBC for a new role at Bank of America. The move comes amid a string of high-level departures that are quietly reshaping leadership across regional capital-raising teams.
Darwish most recently steered HSBC’s Debt Capital Markets business across Central and Eastern Europe, the Middle East and Africa — a sprawling brief that placed him at the centre of some of the region’s largest bond deals. He first joined HSBC in 2018 to oversee the MENA DCM franchise, climbed to managing director in 2021, and later saw his mandate widened in 2023 to include the broader CEEMEA geography.
Before stepping into HSBC’s ranks, Darwish built experience at JPMorgan and Merrill Lynch, roles that helped shape his profile as a regional capital markets specialist.
The transition also follows closely on another senior departure. Nour Safa, previously part of HSBC’s DCM leadership, recently moved to Goldman Sachs, underscoring a competitive hiring environment among global banks. 🔄
Despite the talent reshuffle, HSBC’s regional performance has remained strong. The lender topped MENA debt capital markets rankings in 2025, leading bond bookrunning with $19.2 billion in proceeds and an 11% share. It also secured the top spot in Islamic bond activity, according to data compiled by LSEG. 📊
The latest move highlights intensifying competition for seasoned dealmakers, as banks jockey for influence across emerging markets where sovereign and corporate issuers continue to tap debt markets for funding.
