Banking and Finance
It was indeed a good end to the year for Emirates NBD, the largest bank in the UAE by asset value. Fourth quarter profits more than doubled to AED403m ($111) from AED178m a year ago.
The bank attributed the gains to good provisioning, which is a euphemism for good strategising. The credit for that must surely go to CEO Rick Pudner, the man who is chiefly responsible for guiding the banking giant through the economic crisis.
British-born Pudner joined Emirates NBD as CEO in 2006, following more than 24 years at HSBC.
Today, he oversees the biggest banking group in the Middle East in terms of assets, with outposts in the UAE, Saudi Arabia, Qatar, the UK and Jersey. Emirates NBD is also expanding into India, Iran and Singapore.Pudner currently holds board positions with Emirates Investment Service, the Economic Development Council, Emirates Fund Managers (Jersey) and Emirates Financial Services.