Emirates NBD, Dubai's largest lender, has appointed Shayne Nelson, currently head of Standard Chartered's private banking arm, as its new group chief executive, the bank said on Tuesday.
ENBD, 56 percent owned by state fund Investment Corp of Dubai, said in April that current CEO Rick Pudner was expected to stay on with the bank until his contract expired at the end of this year, at which point he would hand over to a successor.
Like other large Gulf banks, ENBD is increasingly looking outside its home market to generate revenue and diversify its business due to high competition and limited growth opportunities.
"We are confident that Shayne's years of experience and expertise in the financial services industry will drive Emirates NBD to continue delivering excellent results while providing valuable returns to the group's stakeholders," Sheikh Ahmed Bin Saeed Al Maktoum, chairman of ENBD, said in the statement.
Nelson has experience in the United Arab Emirates, having been regional CEO for the Middle East and North Africa, and UAE chief executive for Standard Chartered before being tapped to head its private bank in July 2010, according to his profile on the bank's website.
He has been with the British-based lender since 1997 and is currently based in Singapore.