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Dubai’s Mashreq names new retail banking head
"Mashreq confirms that, after three and a half years leading the bank's retail banking division, Douglas Beckett has decided to leave the organization to seek other opportunities," the bank said in an emailed statement.
July 10, 2011 3:42 by Reuters
Mashreq Bank , Dubai’s second largest lender by market value, has appointed Farhad Irani as the new head of its retail banking division, it said on Sunday.
Irani, an external hire who most recently worked at PayPal, replaces Douglas Beckett.
“Mashreq confirms that, after three and a half years leading the bank’s retail banking division, Douglas Beckett has decided to leave the organization to seek other opportunities,” the bank said in an emailed statement.
“Douglas is succeeded by Farhad Irani as the new Head of the Retail Banking Group.”
Beckett said in April that the bank’s retail non-performing loans (NPLs) would improve in 2011 after peaking last year, although the sector would continue to face difficulties.
The regional banking sector was badly hit by the global financial crisis and a property bust, particularly in the United Arab Emirates. Tight lending conditions and rising provisions for bad loans have dented profitability in the aftermath. (Reporting by Rachna Uppal; Editing by Amran Abocar)