Qatar appoints senior US regulator as head of Supervision in its new financial centre

Mr. Lesser is currently Head of Bank Supervision, at the New York State Banking Department. Depository institutions under the Department's supervision have assets totaling more than $1.5 trillion and include the New York offices of most of the world's largest banks.

He has 35 years experience in banking regulation, including three years spent in Europe as a representative of the New York State Banking Department.

As Managing Director, Supervision, he will be in charge of the QFCRA's day-to-day regulatory relationship with firms authorised to do business in the fast-growing Qatar Financial Centre.

Qatar is on course to be the world's biggest exporter of liquid natural gas and its diverse range of financial initiatives includes project finance of around $130 billion over the next five years. The volume of business to be done is attracting a stream of licence applications to the QFCRA. Licences have already been granted to leading institutions such as AXA Investment Managers, Barclays Bank, Credit Suisse and Morgan Stanley.

Phillip Thorpe, Chairman and Chief Executive of the QFCRA, said, "In establishing the QFC the strategy of the Government of Qatar has been to replicate the best laws and regulations found in the major financial jurisdictions and to ensure they are managed by experienced regulators with international credibility.

"An independent regulatory authority of this quality is essential for any country seeking to be a magnet to attract international expertise and capital. Given the rapidly expanding economy and need for an increasingly diverse and sophisticated range of financial services, we are very aware of the importance of having an effective and respected regulator.

"I am delighted that Michael is joining us at the QFC. He has unmatched experience in the supervision of financial institutions gained in one of the world's most demanding marketplaces. His knowledge and reputation will give those doing business in the QFC enhanced confidence that regulation in Qatar is robustly independent and of a comparable standard to New York, or London."

Michael Lesser said, "I look forward to being part of the fine team of international financial supervisors being created by the QFCRA."