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UAE Exchange names new CEO, makes changes to board

UAE Exchange names new CEO, makes changes to board

Deputy chief executive Promoth Manghat has been promoted to chief executive, the Abu Dhabi-based company said

UAE Exchange, a global remittance and foreign exchange business which last year bought Travelex, named a new chief executive and changes to its board on Monday.

Deputy Chief Executive Promoth Manghat has been promoted to chief executive, the Abu Dhabi-based company said, adding that the changes would help drive accelerated global growth.

Indian-born billionaire Bavaguthu Raghuram Shetty, who founded UAE Exchange, has been appointed chairman of the board, it said.

Nabeel Abdul Rahman, chief executive and vice-chairman of Abu Dhabi-based investment company KBBO Group, was named vice-chairman.

KBBO’s portfolio includes Centurion Investments, which along with another KBBO company, Infinite Investments, owns 60 percent of UAE Exchange.

The board of directors would also include non-executive independent directors for the first time, along with shareholders and management representatives, UAE Exchange said.

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