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CEO-elect of UAE’s fraud-hit RAKBANK has quit


May 23, 2013 9:12 by

The proposed new chief executive of National Bank of Ras al-Khaimah (RAKBANK), one of two banks which earlier this month were named as victims of a massive global bank card fraud, has quit, two sources within the bank said on Thursday.

Ian Larkin was due to replace the Abu Dhabi-listed lender’s current CEO Graham Honeybill in July but barely six weeks since arriving at the bank to prepare to take the helm the former managing director of Lloyds TSB Commercial Finance has quit, the sources said.

“His style of working didn’t quite fit in with the bank’s way of functioning,” said one of the sources.

A spokeswoman for the bank declined to comment.

In one of the biggest ever bank heists, a global cyber crime ring stole $45 million from RAKBANK and Oman’sBank Muscat by hacking into credit card processing firms and withdrawing money from ATM cash machines in 27 countries.

RAKBANK was targeted in December and had nearly $5 million stolen, although no customers suffered any loss, the bank said at the time.

No decision on a new CEO has yet been taken, the sources added. Larkin resigned earlier this week.

Honeybill was due to become a non-executive director of the bank once he retired in July, sources said in April.

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