Dubai Emirates NBD, the largest UAE bank in terms of assets, yesterday announced the appointment of Giel-Jan Van Der Tol as Group Head of Wholesale Banking. Van Der Tol previously served as the CEO of Dubai Bank.
In October Emirates NBD acquired Dubai Bank following a government order.
As part of a top-level reshuffle, Emirates NBD also announced the appointment of Douwe Oppedijk as the new interim CEO of Dubai Bank. Douwe previously served as the CEO of Commercial Bank International.
Rick Pudner, Emirates NBD CEO, welcomed the executives to their new roles. "Their knowledge and extensive banking experiences will add value for both Emirates NBD Group and Dubai Bank," he said.
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Banking industry analysts said yesterday that the decision to move the former Dubai Bank CEO within the group is a step forward in integrating Dubai Bank into the Emirates NBD fold and a potential merger with Emirates Islamic Bank (EIB) in the near future.
Although it has been widely speculated that Dubai Bank will be eventually merged with EIB, Emirates NBD has not yet spelled out plans for the two Islamic banks within the group.
Last week Pudner told reporters that the acquisition of Dubai Bank by Emirates NBD will be completed by the end of the year.
Emirates NBD recently set up two internal management committees, an executive working committee and a synergy committee to identify and execute the integration of Dubai Bank into the group, a source told Gulf News.