x Abu Dhabi, UAESaturday 20 January 2018

RAKBank chief back once more

The chief executive of RAK Bank is postponing his retirement after his planned successor unexpectedly quit.

A RAKBank Branch in Ras Al Khaimah. Ryan Carter / The National
A RAKBank Branch in Ras Al Khaimah. Ryan Carter / The National

RAKBank's chief executive has agreed to postpone his retirement after his planned successor left after just a few months.

Graham Honeybill, who announced plans to retire earlier this year, has been called back to the bank after his successor unexpectedly resigned, according to two people familiar with the matter.

Ian Larkin, a former managing director at Lloyds Commercial Finance, had been due to start next month. However Mr Honeybill was asked to return after his would-be successor quit unexpectedly.

"He's left and he's come back, and he'll be there until August," said one person familiar with matter. The bank has made no public statements concerning the issue since a board meeting this month.

RAKBank declined to comment on Mr Honeybill's return.

The uncertainty around RAKBank's next chief executive was creating some "concern" as the lender attempts to reshape its business to target small and medium businesses and consolidate its position in retail banking, said Mahin Dissanayake, an analyst at Fitch Ratings in London.

"RAKBank came through the crisis in quite a good shape. They have got a good management team, which has been one of their competitive advantages," he said.