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Emirates NBD: ‘Pudner resigning’


Emirates CEO expected to hand over role to new leader as part of 'organisation's strategy for change and transformation'.


April 21, 2013 7:23 by

Rick Pudner, chief executive of Emirates NBD, is resigning, Dubai‘s largest bank said on Sunday.

Pudner is expected to stay in the job until the end of this year; “then he will hand over the role to a new leader as part of the succession planning process and the organisation’s strategy for change and transformation,” ENBD said in a brief emailed statement.

The statement noted that Pudner had joined ENBD more than seven years ago and had contributed to all of the achievements of the bank.

ENBD is due to report first-quarter earnings on Thursday; the average forecast of three analysts is for the bank to post a 5.4 per cent rise in net profit, versus the same quarter last year to AED676 million ($184 million).

Pudner’s departure comes at a key time for the bank as it embarks on overseas expansion. Pudner told Reuters last November that ENBD aimed for international revenues of approximately 15 to 20 per cent of its total in five years’ time, up from five per cent at present.

ENBD, 56 per cent owned by state fund Investment Corp of Dubai, is close to completing a $500 million purchase of BNP Paribas’ Egyptian assets.

Pudner joined Emirates Bank as chief executive in early 2006. A year later the bank merged with the National Bank of Dubai in one of the region’s largest tie-ups to form ENBD. Previously, Pudner worked for more than 24 years at HSBC.



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