ENBD chief executive resigns
Dubai, April 21, 2013
Rick Pudner, chief executive of Emirates NBD, Dubai's largest bank, is resigning, the bank said on Sunday without giving a reason.
Pudner is expected to stay in the job until the end of this year; "then he will hand over the role to a new leader as part of the succession planning process and the organisation's strategy for change and transformation," ENBD said in a brief emailed statement.
The statement noted that Pudner had joined ENBD over seven years ago and had contributed to all the achievements of the bank.
ENBD is due to report first-quarter earnings on Thursday; the average forecast of three analysts is for the bank to post a 5.4 percent rise in net profit versus the same quarter last year to 676 million dirhams ($184 million).
Pudner's departure comes at a key time for the bank as it embarks on overseas expansion; Pudner told Reuters last November that ENBD aimed for international revenues of around 15-20 percent of its total in five years' time, up from 5 percent at present.
ENBD, 56 percent-owned by state fund Investment Corp of Dubai, is close to completing a $500 million purchase of BNP Paribas' Egyptian assets.
Pudner joined Emirates Bank as chief executive in early 2006. A year later, the bank merged with National Bank of Dubai in one of the region's largest tie-ups to form ENBD. Previously, Pudner worked for over 24 years at HSBC. – Reuters