RAKBank appoints Raheel Ahmed as its chief executive

Raheel Ahmed, a senior banker with 30 years' experience in Asia, Middle East, Europe and Africa, will take over in the first quarter of 2022

New RakBank branding. Photo Courtesy: RAKBANK *** Local Caption ***  on17oc-Rakbank.jpg

National Bank of Ras Al Khaimah on Thursday said it has appointed Raheel Ahmed as its new chief executive.

Mr Ahmed will replace Peter England, who will retire to Australia after leading the bank for eight years, RAKBank said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

With 30 years' banking experience in Africa, the Middle East, Europe and Asia, Mr Ahmed will join RAKBank from Barclays UK, where he was a member of the executive committee and chief product and analytics officer.

Mr Ahmed "is strategic, yet detail-oriented and has the ability to lead high-performing teams”, said Mohamed Alshamsi, chairman of RAKBank. “We are confident that he will help further strengthen our bank and grow its presence in the UAE and specifically in Ras Al Khaimah.”

Mr Ahmed will take over as the new chief executive of RAKBank in the first quarter of 2022.

“A big part of my job will be to enable our team to bring innovative products and services to the market at speed, thereby further strengthening our position in the UAE and in Ras Al Khaimah,” said Mr Ahmed, who also previously worked as regional head of consumer banking for the Middle East and Africa at Standard Chartered Bank in Dubai.

The new appointment comes as GCC banks’ outlook improves as a result of higher oil prices and other measures by governments to support the economy.

GCC lenders’ credit profile over the next 12 to 18 months is expected to remain strong, “aided by high capital buffers, solid profitability and improving economic conditions”, Moody’s Investors Service said last week.

Raheel Ahmed, new chief executive of RAKBank. Photo: RAKBank

“Non-performing loans will rise slightly as loan payment holidays expire but asset quality will remain sound overall.”

RAKBank reported a 74 per cent jump in its third-quarter profit to Dh228 million ($62.08m) as provision for credit losses dropped and non-interest income rose.

The total assets of the bank at the end of September were Dh54.49 billion, according to its financial statement.

Updated: December 16th 2021, 1:53 PM