Dubai: Mashreq on Monday announced the appointment of Ahmed Mohamed Abdelaal, the new chief executive officer (CEO).

Abdul Aziz Al Ghurair has been elected chairman of the board of directors of the bank after accepting his resignation from the position of CEO of the bank.

While Abdullah Ahmed Al Ghurair after serving for 23 years has decided to step down from the position of chairman though he will continue to be a board member.

“For over 30 years I have had the privilege to serve as the leader of UAE’s oldest financial institution. It is with great humility I will be taking up the new role, building on the legacy of my father’s work. We had planned this transition some time ago and Ahmed was brought onto the leadership team two years ago with that in mind,” said Abdul Aziz Al Ghurair, Chairman of Mashreq.

The new CEO, Ahmed Mohammed Abdelaal has been with the bank for the last two years as head of corporate and investment banking group. He has a management degree from London Business School. He has over 25 years banking experience and has held senior leadership roles with several international banks in the region.

“Mashreq’s focus on innovation its agility-led business model has enabled it to remain a market leader in the UAE and we will continue to leverage the latest technological solutions to deliver a seamless banking experience to our customers,” said Abdelaal.