Emirates NBD, Dubai’s largest lender, has consolidated its
investment banking and financial advisory businesses under its Emirates NBD
Capital unit and appointed Mohammed Wajid Kamran as general manager of the arm,
according to an internal bank memo.
Kamran was previously the bank’s general manager of
institutional and international banking and debt capital markets, according to
the memo issued on Thursday.
Kamran, who was instrumental in the bank’s debt
restructuring negotiations with indebted conglomerate Dubai World, could not
immediately be reached for comment.
The management reshuffle at Dubai’s top lender came just a
few months after Sheikh Ahmed bin Saeed al-Maktoum, uncle of Dubai’s ruler and
a key advisor, was named chairman of the bank, replacing Ahmed Humaid Al Tayer.
Emirates NBD, which is 55.64 percent owned by Investment
Corporation of Dubai, is one of the major creditors to Dubai World, the
state-linked conglomerate that completed a $25bn restructuring in 2010.
The bank is also involved in the restructuring of Dubai
Holding, a conglomerate owned by the emirate’s ruler.
Emirates NBD posted a 59-percent slump in third-quarter net
profit, widely missing analysts forecasts, after taking provisions against Dubai
Holding.
The results did not reflect the impact of its full takeover
of struggling lender Dubai Bank, which ENBD announced in October.
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