Dubai’s ENBD consolidates investment banking business

Dubai’s ENBD consolidates investment banking business

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.

November 20, 2011 11:21 by Reuters

Kamran was previously the bank’s general manager of institutional and international banking and debt capital markets, according to the memo issued on Thursday and seen by Reuters.

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 $25 billion 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 DubaiBank, which ENBD announced in October. (Reporting by Mirna Sleiman, Editing by Amran Abocar)