Recently Emirates NBD took over the ailing Dubai Bank in an all cash transaction and since then we have been waiting for an update. As reported by Reuters, there is a major update to the news.
The bank appointed Giel-Jan Van Der Tol as group head of wholesale banking and Douwe Oppedijk, the former chief executive of the UAE’s Commercial Bank International to the interim CEO job at Dubai Bank, the company said in a statement on Monday.
Van Der Tol was previously the chief executive of troubled Islamic lender Dubai Bank.
Emirates NBD mentioned previously that it would merge Dubai Bank-an Islamic bank with its group company, Emirates Islamic Bank. However, an update on the same is awaited.
Emirates NBD, which is 55.64 percent owned by Investment Corporation of Dubai, is one of the major creditors to Dubai World, the state-linked conglomerate that completed a $25 billion restructuring in 2010.