Penney, based in Dubai, will be replaced by James Miller from RBS’s debt business in the U.K., said a bank spokeswoman, who asked not to be identified because of company policy. Penney will leave after a significant handover period, she said.
RBS, Britain’s biggest taxpayer-owned lender, is the seventh-ranked bond underwriter in the Middle East and North Africa this year, according to data compiled by Bloomberg. The lender plans to focus on areas including its debt and trade finance businesses in the Middle East after deciding early last year to exit its cash equities and mergers and acquisitions business globally, Penney said in April.
Penney oversaw the sale of RBS’s retail banking business in the United Arab Emirates, the second-biggest Arab economy, to Abu Dhabi Commercial Bank PJSC (ADCB) in 2010. It acquired the retail business in 2007 as part of its takeover of ABN Amro Holding NV.
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