Wednesday, Sep 21, 2011

DUBAI (Zawya Dow Jones)--Dubai-based Emirates NBD (EMIRATES.DFM) has appointed a new chief executive for its Emirates NBD Capital unit in Saudi Arabia as part of a wider management reshuffle at the region's largest lender by assets, people familiar with the matter said Wednesday.

Khaled Masri, a former partner and senior executive at Dubai's Rasmala Investment Bank, has been named chief executive officer of Emirates NBD Capital in Saudi Arabia, two people aware of the issue told Zawya Dow Jones.

People close to the situation also said Mohammad Kamran Wajid, currently global head of financial institutions, has been lined up as the chief executive of Emirates NBD Capital in the U.A.E..

Suresh Kumar is currently the chief executive officer of Emirates NBD Capital's regional operations.

A spokesman for Emirates NBD declined to comment when contacted by Zawya Dow Jones Wednesday.

The latest personnel changes come just a few months after Sheikh Ahmed bin Saeed Al Maktoum was named chairman of the bank, replacing Ahmed Humaid Al Tayer.

Emirates NBD, which is 55.64% owned by a Dubai government vehicle, is one of the major creditors to Dubai World, the government conglomerate that undertook a $25 billion restructuring. The bank is also involved in the restructuring of Dubai Holding, another major investment holding linked to the emirate's ruler.

Masri, who left Rasmala in May after spending more than six years with the firm, is "currently at the bank in the Dubai but awaiting an official approval from the Saudi authorities," another person close to the matter said.

Emirates NBD launched Emirates NBD Capital KSA LLC, formerly known as Emirates Investment Services, KSA, in 2009. Licensed by the Saudi Capital Markets Authority, the company provides brokerage, asset management, corporate finance advisory, investment advisory and custody services to the Kingdom's market.

Emirates NBD shares closed 2.4% higher at AED4.20 a share in a broadly positive overall market.

-By Mirna Sleiman, Dow Jones Newswires; +9714 446-1698; mirna.sleiman@dowjones.com

(Nicolas Parasie in Dubai contributed to this article.)

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

21-09-11 1229GMT