Shuaa CEO Philipp quits after 6 months
Dubai, April 10, 2012
Shuaa Capital chief executive Michael Philipp has stepped down after just six months at the helm of the struggling investment bank, two sources familiar with the matter told Reuters on Tuesday.
Philipp is set to be replaced later on Tuesday, one of the sources said. Shuaa had in October last year named Philipp, a former Credit Suisse banker, as its chief executive replacing Sameer Al Ansari.
Shuaa declined to comment. Philipp could not be reached. Phillip's departure comes as the latest blow to Shuaa, which reported a wider 2011 net loss of 293.8 million dirhams ($80 million) for 2011, compared to a net loss of 223.7 million dirhams a year earlier as it booked provisions and one-off charges.
One of the Arab world's largest investment banks and once a symbol of the sector's potential in the region, Shuaa was hit by the 2008 global financial downturn, with asset impairments erasing profits.
Shuaa, which helped float ports operator DP World several years ago, fired close to 60 employees by the end of December, and is in the process of cutting more jobs.
The majority of the redundancies related to the retail brokerage business, which Shuaa exited after slumping trade volumes in the UAE. - Reuters
More Finance & Capital Market Stories
- More support for Islamic banking urged
- Bahrain to set new takaful rules by year-end
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head