United Arab Bank names new chief executive

Lender appoints Shirish Bhide, who has previously held several senior roles at First Abu Dhabi Bank

The UAB leadership change comes at a time when UAE lenders are reporting an improvement in profitability. Photo: United Arab Bank

United Arab Bank has appointed Shirish Bhide as its new chief executive as the lender pursues its digital transformation strategy.

The appointment comes after the departure of Ahmad Abu Eideh earlier this year.

“I am confident that Shirish, through his extensive international experience, in-depth knowledge of the local market and proven leadership abilities, will be a valuable addition to the senior management and will bring a new level of drive and energy to lead the management team and grow the bank to new heights,” said UAB chairman Sheikh Faisal bin Sultan bin Salem Al Qassimi.

The leadership change at UAB also comes at a time when banks in the UAE are reporting an improvement in profitability amid a positive macroeconomic environment as the country's economy shakes away the coronavirus-induced lull.

The aggregate net income of the 10 largest lenders in the UAE grew by more than 24 per cent in the first quarter of 2022, compared with the previous three months, a report by professional services company Alvarez & Marsal said.

UAB's first-quarter net profit surged to Dh30.4 million ($8.2m), largely owing to a turnaround strategy it employed to become profitable.

Before joining UAB, Mr Bhide was group head of corporate, commercial and international banking at First Abu Dhabi Bank and had previously served as chief credit officer and acting head of wholesale banking at First Gulf Bank.

He has more than 30 years of banking experience, with expertise in corporate banking, credit risk and risk management.

Mr Bhide holds a postgraduate diploma in accounting and finance from the London School of Economics and a master of business administration degree in marketing from the University of Poona in India.

He started his career with Citibank, where he held several roles over the years.

“I look forward to working alongside the management team to explore new streams of business development opportunities and ensure successful implementation of UAB’s growth plans,” Mr Bhide said.