Abu Dhabi Commercial Bank makes first general counsel hire
Abu Dhabi Commercial Bank (ADCB) has appointed Simon Copleston as its first-ever general counsel. Copleston joined the bank from the Abu Dhabi Investment Authority (ADIA) on 8 January to become the first lawyer to hold the post. The appointment is Copleston's latest in-house position in the Middle East after leaving Olswang in January 2006 to join investment house Dubai International Capital. It is understood he will be responsible for building up the bank's legal function to around five lawyers by the end of the year.
March 06, 2008 at 12:11 AM
2 minute read
Abu Dhabi Commercial Bank (ADCB) has appointed Simon Copleston as its first-ever general counsel.
Copleston joined the bank from the Abu Dhabi Investment Authority (ADIA) on 8 January to become the first lawyer to hold the post. The appointment is Copleston's latest in-house position in the Middle East after leaving Olswang in January 2006 to join investment house Dubai International Capital. It is understood he will be responsible for building up the bank's legal function to around five lawyers by the end of the year.
The move will be watched with interest by the bank's stable of outside counsel, including Reed Smith, which advised ADCB on raising a $1.5bn (£755m) syndicated loan last year; at the time the largest ever deal signed in the region.
Clyde & Co corporate partner Niall O'Toole said Copleston's appointment was an indication of the growing trend towards developing in-house legal departments within financial institutions and corporates in the United Arab Emirates.
"There has been a huge increase in the number of banks and property developers who have hired good in-house counsel over the past couple of years," he said. "The market has become much more sophisticated than it used to be."
Earlier this month ADCB's proposed purchase of a 25% stake in Malaysia's fourth-largest banking group, RHB Capital, was greenlit by the Malaysian Government. The bank is set to buy the stake from RHB's major shareholder, Employees Provident Fund.
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