Emirates NBD has appointed its new chief executive amid a transition of power at several major lenders in the UAE banking sector, hiring Shayne Nelson, the chief executive of Standard Chartered's private bank.
Emirates NBD names new chief executive
Emirates NBD has appointed Shayne Nelson as its new chief executive, hiring from the top echelons of Standard Chartered's private bank as the big UAE banks undergo a changing of the guard.
Dubai's biggest bank, which is 56 per cent owned by Investment Corporation of Dubai and lost its title as the largest UAE lender this year, made the appointment to replace Rick Pudner, who stood down as chief executive in April.
Mr Nelson was formerly the chief executive of Standard Chartered Private Bank and held additional responsibilities for the British lender's small and medium-sized enterprises banking section. He has also served as chairman of the bank's Islamic banking unit and is a director of the bank's China business.
"We would like to welcome Shayne Nelson to the Emirates NBD family and wish him the very best in his new role," said Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Emirates NBD.
"We are confident that Shayne's years of experience and expertise in the financial services industry, will drive Emirates NBD to continue delivering excellent results while providing valuable returns to the group's stakeholders."
NBAD appointed Alex Thursby as chief executive, replacing Michael Tomalin after 14 years at the helm. Ajman Bank hired Mohammad Zaqout, the head of Al Hilal Bank's personal finance group, as its chief executive in April.
However, RAKBank's new chief executive Ian Larkin unexpectedly quit after only a few weeks, forcing Graham Honeybill to postpone his retirement and return to the helm.