Emirates NBD Appoints CEO

Emirates NBD has appointed a new CEO of its Capital Limited subsidiary and Emirates Financial Services, subject to regulatory approvals.

The third largest bank in the region by assets has chosen Mohammad Kamran Wajid as the new chief executive officer. Kamran has been with the bank for over 14 years.

In a press release on Tuesday the bank said Kamran ‘will drive the transformation of Emirates NBD Group’s Investment Banking business into a global investment banking platform, offering a comprehensive suite of market leading products and services to cater to thediverse need of clients from across the globe.’

‘The platform will also operate as an independent business development arm for Emirates NBD Group with the aim of firmly cementing the group’s credentials in the investment banking arena globally.”

In February this year the bank reported that net profit for the fourth quarter of 2011 fell by 62 per cent to Dhs152 million from Dhs403 million during the same period a year before, due to additional conservatism applied to provisioning. The total income during the period increased by 10 per cent year-on-year to reach Dhs2.49 billion, it said.

For the full 2011 year period, total income amounted to Dhs9.9 billion, an increase of two per cent compared with Dhs9.72 billion in 2010.