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Fri 6 Sep 2019 12:24 AM

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Bahrain bank launches new unit to help struggling firms

National Bank of Bahrain announces a new business unit to offer specialised financial restructuring advice for companies

Bahrain bank launches new unit to help struggling firms

National Bank of Bahrain (NBB) has announced that it has launched a new business to offer specialised financial restructuring advice for companies across the Gulf region.

The new financial restructuring business is part of the bank's ongoing diversification and will be headed by Bruce Wade, chief executive – financial restructuring.

The unit will have a primary focus on corporate clients in addition to selective commercial banking clients, with services including acting as an independent advisor to companies facing challenges as well as for companies where NBB is a creditor.

Initially Wade joined the bank in 2014 as chief risk officer after roles at Citibank, Bank of Tokyo Group, Saudi Hollandi Bank, and Riyad Bank. Currently, he also serves as the chairman of the Risk Management Committee at the Bahrain Association of Banks.

Jean-Christophe Durand, CEO of NBB, said: “As part of NBB’s transformation, strengthening our presence and support for local and regional companies continues to be a central focus for the Bank.

"Looking at the needs of the market and where NBB’s experience and resources can best be deployed, we are pleased to launch our new Financial Restructuring Division. With the right expertise and advice, we believe we can play an important role in supporting efforts by companies to restructure. Our team of experts, led by Bruce Wade, will work shoulder to shoulder with management teams to help them do what’s necessary to protect, maintain and unlock the value that exists within their businesses.”

Wade added: “I’m delighted to take up this new role and now extend the provision of financial restructuring services to existing corporate and commercial clients of the bank and others in the market requiring expert advice on how to restructure.

"There are numerous factors impacting companies today both in Bahrain and across the GCC and our new division will focus on helping them to navigate the current environment with the aim of putting their companies back on the path to growth and giving them the ability to resume making positive contributions to the local and regional markets.”

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