Emirates NBD names new CEO
Dubai, June 25, 2013
Emirates NBD, Dubai's largest bank, has appointed Shayne Nelson, currently head of Standard Chartered's private banking arm, as its new group chief executive, the bank said on Tuesday.
Nelson has experience in the UAE, having been regional CEO for the Middle East and North Africa, and UAE chief executive for Standard Chartered before being tapped to head its private bank in July 2010, according to his profile on the bank's website.
He has been with the British-based lender since 1997 and is currently based in Singapore.
Nelson will take over from Rick Pudner, who joined Emirates Bank as chief executive in early 2006. A year later, the bank merged with National Bank of Dubai in one of the region's largest tie-ups to form ENBD.
Pudner led ENBD through the latter part of Dubai's economic boom before the emirate was hit by a real estate market collapse forcing its state-linked entities to restructure billions of dollars of debt.
ENBD, 56 percent owned by state fund Investment Corp of Dubai, said in April that Pudner was expected to stay on with the bank until his contract expired at the end of this year, at which point he would hand over to a successor.
ENBD, like other big Gulf banks, is increasingly looking outside its home market to generate revenue and diversify its business due to fierce competition and limited growth opportunities.
The bank, which completed the acquisition of BNP Paribas' Egyptian assets in its first foreign buy earlier this month, wants to make a fifth of its revenue outside the UAE within five years. The upcoming CEO change wouldn't derail ENBD's overseas expansion, Pudner said in April. - Reuters
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