Thursday, Oct 06, 2011

--Shuaa says appoints Michael Philipp as new CEO

--Philipp to replace Sameer Al Ansari

--New CEO to take Shuaa's strategy forward

--Shuaa head of brokerage business Walid Shihabi resigns

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DUBAI (Zawya Dow Jones)--Dubai-based Shuaa Capital (SHUAA.DFM) on Thursday named Michael Philipp as its new chief executive officer, replacing Sameer Al Ansari, the latest, and most significant, management change at the company whose ambitions to become the region's leading investment bank were dashed by the global financial crisis.

Philipp is the former chairman and CEO of Credit Suisse Europe, Middle East and Africa. He also worked at Deutsche Bank where he was head of the asset management business among other roles.

A spokesman for the group said Philipp "will stay on as long as necessary to find the right skill set that will take Shuaa's strategy forward" and that more details will be announced after a board meeting in November.

"I believe Shuaa Capital now needs a different skill set that will help the firm achieve its next phase of growth," Ansari said in an emailed statement. Philipp wasn't available to comment but said in the same statement that he sees "enormous opportunities ahead and I am confident that we can build a pan-regional powerhouse."

Shuaa shares closed trading Thursday 3.2% higher at AED0.80 in a broadly positive market.

Ansari took the helm of Shuaa in September 2009, joining from Dubai International Capital, the private equity division of Dubai Holding. He has mainly focused on offloading risky assets, cutting costs and replacing senior managers in a bid to stem quarterly losses. The bank posted a second-quarter profit of $165,528.

More recently, Shuaa said it was back on the acquisition path, saying it held talks with a number of possible targets in the Middle East North Africa, or Mena, region.

A spokesman for the group said that Walid Shihabi, head of the brokerage business, had resigned.

Philipp is currently chairman of Reykjavik Geothermal, an Icelandic geothermal power development company. He is also managing partner at Ambata Capital Partners, an advisory and investment firm.

-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

06-10-11 1337GMT