EmiratesNBD investment banking CEO to leave

EmiratesNBD investment banking CEO to leave

The chief executive of Dubai lender Emirates NBD's investment banking division is leaving the bank, three sources familiar with the matter said.

January 29, 2012 12:35 by Reuters

Suresh Kumar, who was a board member and appointed head of Emirates NBD Capital in 2009, has worked with the bank for over twenty years and held senior management roles with Emirates Bank Group before its 2007 merger with National Bank of Dubai to create Emirates NBD.

A spokesman for ENBD declined to comment on Sunday.

Last year, ENBD 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 seen by Reuters.

Kamran was previously the bank’s general manager of institutional and international banking and debt capital markets. It was unclear who would replace Kumar.

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. (Reporting by Dinesh Nair and Mala Pancholia; Editing by Amran Abocar) *image from globalarabnetwork.com