Emirates NBD Deputy CEO Al Fahim Said to Leave Amid Management Changes

Emirates NBD PJSC’s deputy chief executive officer Abdul Wahed Al Fahim is leaving the United Arab Emirates biggest bank as part of management changes, according to two people familiar with the matter.

It isn’t clear when Al Fahim will leave the Dubai government-controlled lender, said the people, who declined to be identified because the information hasn’t been made public. Al Fahim, who has been with the group since 1986, was appointed deputy CEO in May 2009 and was also in charge of wholesale banking, according to a press release issued at the time.

A spokesman for Emirates NBD declined to comment. Al Fahim couldn’t immediately be reached for comment.

Al Fahim is also chairman of Nasdaq Dubai, the stock exchange in the Dubai International Financial Center, as well as a director on the board of Dubai Aluminium Co.

Emirates NBD, 56 percent owned by the Dubai government, named Giel-Jan Van Der Tol as head of wholesale banking in December. Van Der Tol was CEO of Dubai Bank PJSC, the state- controlled Islamic bank that Emirates NBD took over in October.

Suresh Kumar, the CEO of Emirates NBD Capital Ltd., the bank’s investment banking unit, will also leave the company, a person familiar with the matter said Jan. 29.

The changes follow after Sheikh Ahmed bin Saeed Al Maktoum, the head of Emirates airline, was appointed chairman of Emirates NBD in June.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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