Icelandic bank Kaupthing has tapped Dresdner Kleinwort Benson to hire Hazim Al Karaki as its MENA Area head of Wealth Management. It has also appointed a new director of Asset Management and a new head of Specialised Industries for Investment Banking in the region.

Kaupthing was the first Scandinavian Bank to be licensed to operate in the Dubai International Finance Centre and Qatar Finance Centre, focusing on investment banking and wealth management services to entrepreneurial corporate and high net worth clients.

Mr Al Karaki joins Kaupthing Bank after serving in the region with Dresdner Kleinwort Benson. Prior to that he worked with Grindlays Bank. He will continue to focus on entrepreneurs and high net worth clients in the region.

Hiroo Hagiwara, Kaupthing's new director of Asset Management, joined from Global Investment House in Kuwait where he was head of Business Development of the Investment Funds Department. Prior to that he worked on the pan European equity sales team at Dresdner Kleinwort Wasserstein. He will have responsibility for marketing Kaupthing's asset management products in the region as well as new product development.

Vikram Airi, a specialist in project advisory, M&A and debt and equity financings in the region, has been appointed head of Specialised Industries, Investment Banking. He formerly held senior positions at BTU Ventures, TD Securities, CIBC and GE Capital.

Kaupthing Bank operates in 12 countries with its headquarters located in Reykjavík. Last October it acquired Belgian private banking and alternative asset manager Robeco Bank through its Luxembourg subsidiary, and in 2005 it bought UK-based Singer & Friedlander.