x Abu Dhabi, UAEMonday 24 July 2017

Fujairah bank chief quits

National Bank of Fujairah's chief executive has left the company, the firm said in a statement.

DUBAI // National Bank of Fujairah (NBF), an Abu Dhabi-listed bank, says its chief executive, Steve Mullins, has resigned. Tim Goddard and Chris Taylor have replaced Mr Mullins and will together act as joint interim chief executive. Mr Mullins handed his resignation to Easa Saleh al Gurg, the deputy chairman of the bank, on Friday in London, a spokesman for the bank confirmed yesterday. The spokesman would not reveal the reasons behind the resignation of Mr Mullins, who was nominated by the bank's board for the job in April this year. Prior to taking charge at NBF, Mr Mullins served at Ahli Bank in Qatar. "Bank of Fujairah is an ambitious bank," Mr Gurg said in an e-mailed statement. "We will now conduct a thorough search to find an individual who shares this vision and ambition." Established jointly by the governments of Dubai and Fujairah in 1984, the bank primarily offers corporate banking services. Its major shareholders include the Government of Fujairah, with a 39 per cent stake, and Mr Gurg, with 19.44 per cent, while the Dubai Government has a 10 per cent stake, according to Zawya Dow Jones. "Our potential is unmatched and we are uniquely positioned to develop from our strong position among the UAE banking community to be a bank of great substance and critical mass," Mr Gurg said. With a network of 12 branches, NBF is expanding into trade finance and commercial banking. Listed on the Abu Dhabi Securities Exchange since 2005, the bank is open only to UAE national investment. Despite being sparsely traded, NBF shares are among the few which have risen in the face of a general downturn in the market. They are up 43.9 per cent this year. Earlier this month, the bank announced its nine-month net profit had declined 70.73 per cent to Dh67 million (US$18.2m) from Dh228.9m a year earlier. The institution said its third-quarter results were hit by international market conditions, which resulted in a net loss of Dh86.5m compared to a profit of Dh76m in the corresponding quarter last year. skhan@thenational.ae