Dubai-based private lender Emirates Investment Bank (EIB) has appointed Gaurav Shah as its new CEO, it was announced on Monday.
He takes over from CFO Imad Bou Khouzam, who was appointed as the interim chief executive officer in June last year.
Former CEO Khaled Sifri, who joined the bank in 2008, resigned from his role in May 2019.
Shah was previously serving as the CEO of Al Rajhi Capital in Saudi Arabia, a role he held for nine years. Priori to that, he also worked with Credit Suisse Global Investors, as well as Morgan Stanley and Deutsche Bank.
Bou Khouzam will continue in his role as chief financial officer, a statement said.
The bank recently announced a 34 per cent drop in net profit for the first nine months of 2019 to reach Dhs21.5m, down from Dhs32.77m in the same period in 2018.
Total assets under management as of September 30, 2019 amounted to Dhs7.56bn, down from Dhs9.69bn at the end of 2018.
“Over the past few months, we have implemented a set of revisions to Emirates Investment Bank’s risk appetite, which has resulted in a decline in the balance sheet,” said Bou Khouzam, while announcing the results.
“Nevertheless, we have been able to sustain our exposure to investments and maintain a healthy net interest and investment income over the period.”