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Wed 6 Apr 2011 12:36 PM

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Dubai's Shuaa Capital confirms CFO resignation

No successor has been named, state-backed investment bank tells Dubai bourse

Dubai's Shuaa Capital confirms CFO resignation
Shuaa Capital, Dubai’s state-backed investment bank, confirmed chief financial officer David Deards resigned effective April 5

Shuaa Capital, Dubai’s state-backed investment bank,
confirmed chief financial officer David Deards resigned effective April 5, the
company said Wednesday.

No successor has been appointment, the company said in a
statement to the Dubai bourse.

Deards was appointed in March 2010 to help the investment
bank meet its aim of tripling its fee income in the next three years. He joined
from London-listed Alliance Trust.

Shuaa is one of the largest regional investment banks. After
years of expanding regionally and abroad, the group was hit hard by the global
downturn as impairments related to troubled assets erased profits.

The firm was last week named among a list of brokerages
ordered to suspend securities trading in Tunisia by the country’s financial
authorities, Reuters said.

The freeze is understood to be related to a wider probe into
the assets of overthrown President Zine Al-Abidine Ben Ali and his extended family.

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