Capital Intelligence (CI), the Cyprus-based ratings agency, has appointed Lionel Marsland-Shaw as general manager. He says the agency plans to strengthen its position in its core markets of the Middle East and Turkey, but also plans to target new markets in North Africa, including Morocco.

Marsland-Shaw, who will take charge on 7 June, will also be responsible for CI's Hong Kong office. He says the agency will be looking at the possibility of expanding the coverage of Far East financial institutions.

'Capital Intelligence has a lot of banks rated out in the Middle East, Turkey and Asia,' says Marsland-Shaw. It has assigned ratings to 300 banks, and covers a total of 500 institutions. CI will now be looking at expanding coverage to include corporate and sovereign ratings.

'There is a move towards ratings with the globalisation of financial markets,' Marsland-Shaw says. The Middle East will need to open itself up to ratings agencies if it is to keep pace with other emerging markets, such as Eastern Europe, in attracting investors, he says.

Marsland-Shaw is a UK national and the former head and director of Standard & Poor's London office. He replaces Elisabeth Jackson-Moore, who now heads the recently established Cyprus office of Moody's Investors Service. Moody's made an unsuccessful takeover bid for CI, before setting up its Limassol office in March, and since has hired members of the senior management from CI (MEED 24:3:95).