HSBC Holdings Plc is losing another senior banker in Dubai as Khaled Darwish, head of debt capital markets for Central and Eastern Europe, the Middle East and Africa, departs for Bank of America Corp. This marks the second recent exit from the British lender's Dubai office as Wall Street rivals continue aggressive hiring in the region.

Darwish will join Bank of America as head of Middle East and North Africa corporate banking in Dubai, according to people familiar with the matter. The departures come amid heightened competition for talent in the region, with rivals bolstering staffing despite ongoing uncertainty from the Iran war. The talent drain highlights challenges facing European banks in retaining key personnel in competitive Middle Eastern markets.

The exodus of senior bankers from HSBC's Dubai operations underscores the fierce competition for financial talent in the Gulf region. As American banks expand their presence in the Middle East, European lenders face increasing pressure to retain experienced dealmakers in key markets like Dubai.