(Bloomberg) — First Abu Dhabi Bank PJSC has hired two new senior executives in the latest shakeup at the United Arab Emirates’ largest bank.
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Eric Shehadeh will succeed Karim Karoui as group head of mergers and acquisitions and corporate development, according to a statement from the lender. According to the statement, Karoui, who is retiring, serves as an advisor overseeing strategic projects across the group.
Sameh Al Qubaisi has been appointed head of the global markets group, the statement said. He will be responsible for expanding regional and international operations, according to the statement.
Thomas Spitz continues in his current role leading Global Markets Operations, reporting directly to Al Qubaisi, former Director-General of Economic Affairs at the Abu Dhabi Department of Economic Development and leading the AED5 billion ($1.36 billion) IPO fund to stimulate Market share of sales in Abu Dhabi.
Shehadeh, who joins from My Money Group and previously worked at GE Capital, will support FAB’s regional and international expansion strategy, according to the statement. Martin Tricaud, Head of Investment Banking at FAB, will continue to oversee the growth and expansion of the business globally.
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This is not the first time Al Qubaisi has worked at the bank. According to his LinkedIn profile, he led the firm’s wholesale banking division in Northeast Asia and spent several years at the National Bank of Abu Dhabi before the merger resulted in the creation of FAB.
The bank is filling positions following the departure of several senior executives following a wide-ranging management overhaul since Hana Al Rostamani took over as group chief executive in January 2021. Earlier this year, FAB hired Lars Kramer of ABN Amro Bank NV as its chief financial officer.
FAB was formed from the 2017 merger of National Bank of Abu Dhabi and First Gulf Bank, and is roughly half-owned by sovereign wealth fund Mubadala Investment Co. and members of the emirate’s ruling family.
—With the assistance of Archana Narayanan.
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