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Emirates NBD makes top-level changes

Bank's deputy chief executive officer resigns after ‘retirement' decision of chief executive officer last week

Gulf News

Dubai: In a series of recent top-level changes at Emirates NBD, the UAE's largest bank by assets, deputy chief executive officer Abdul Wahed Al Fahim has resigned.

Sources yesterday confirmed the latest high-level change. The resignation of Al Fahim follows reports of the departure of Suresh Kumar, chief executive officer and member of the board of directors, Emirates Financial Services and Emirates NBD Capital Ltd. Kumar last week confirmed his ‘retirement' from the bank with effect from next May 31.

Al Fahim, who has been with the group since 1986, was appointed deputy CEO in May 2009 and was also in charge of wholesale banking.

Sources said the bank is going through a top-level management realignment following its acquisition of Dubai Bank last October. In December the bank announced the appointment of Giel-Jan Van Der Tol as Group Head of Wholesale Banking. Giel-Jan previously served as the CEO of Dubai Bank.

As part of a top-level reshuffle, in December, Emirates NBD also announced the appointment of Douwe Oppedijk as the new interim CEO of Dubai Bank. Douwe previously served as the CEO of Commercial Bank International.

As part of the reorganising its management and businesses, the bank recently consolidated its investment banking and fin-ancial advisory businesses under its Emirates NBD Capital and appointed Mohammad Wajid Kamran as general manager of the arm.

Sources said the management level changes are part of integrating Dubai Bank into Emirates NBD Group and realigning the roles in the context of a larger organisation.

Although it has been widely speculated that Dubai Bank will be eventually merged with EIB, Emirates NBD has not yet spelled out the future plans for the two Islamic banks within the group.

The bank will announce its 2011 results on February 15.

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