Rick Pudner is to step down as the chief executive of Emirates NBD after a seven-year tenure that took in the fanfare of the region's biggest bank merger cut short by the ensuing financial crisis.
The veteran British banker will leave the UAE's largest lender by assets at the end of the year. He joined the company as chief executive of the then Emirates Bank International in 2006.
"He is expected to complete his tenure with Emirates NBD at the end of the 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," said a spokesman for the bank. "We take this opportunity to thank Rick for his continued significant contributions and wish him all the best in his future endeavours."
Mr Pudner oversaw the merger of Emirates Bank International with National Bank of Dubai to create what was once the biggest bank in the Middle East by total assets.
The two were merged in 2007, with the blessing of Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, in an effort to create a "national champion".
However, the bank was highly exposed to the emirate's property crash and has had to set aside billions of dirhams in provisions. It received Dh12.6 billion (US$3.43bn) in Tier 2 capital injected as part of a Dh70bn Ministry of Finance support of the UAE banking sector in 2008.
"As group CEO, he has contributed to all the achievements of the bank. This includes the completion of one of the largest mergers in the region, overcoming one of the most difficult financial crises that hit the world and the takeover and integration of Dubai Bank, just to name a few," the bank said.
Dubai Bank was rescued by the emirate's government in May 2011, its balance sheet cleaned up by the Ministry of Finance before being resold to Emirates NBD for just Dh10 in October that year.
In spite of its acquisition, Emirates NBD has since been eclipsed by Qatar National Bank as the region's biggest following a string of six acquisitions last year, but it remains the UAE's largest lender.
Emirates NBD was able to raise $750 million in Tier 2 capital from bond markets this year, as it moves closer to shuffling off its remaining Dh10bn in crisis-era funding.
The resignation, which had been expected by the industry, is described by the bank as part of its transformation strategy, which began when Sheikh Ahmed bin Saeed Al Maktoum was appointed chairman of Emirates NBD by royal decree.
Sheikh Ahmed is the chairman and chief executive of Emirates Airline, the president of Dubai's Civil Aviation Authority, and sits on the board of Investment Corporation of Dubai, the conglomerate owned by the emirate's government.
The move comes within a year of the announcement that Michael Tomalin would retire as chief executive of National Bank of Abu Dhabi.
The capital's biggest lender announced this month that Alex Thursby, currently the chief executive of the international and institutional banking division at ANZ, would succeed Mr Tomalin as chief executive.
In July, RAKBank's chief executive, Graham Honeybill, is also standing down.
ghunter@thenational.ae
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UAE currency: the story behind the money in your pockets
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
NO OTHER LAND
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Moon Music
Artist: Coldplay
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Number of tracks: 10
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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