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Financials

Senior trio leave UAE's largest bank NBAD - sources

DUBAI, Nov 24 (Reuters) - Three senior bankers have resigned from National Bank of Abu Dhabi, the United Arab Emirates’ largest bank by assets, sources aware of the matter told Reuters.

Gary Dugan, chief investment officer and head of investment strategy, left the bank according to three of the sources, with one adding he would be joining Emirates NBD.

The source did not say what Dugan’s position would be at Dubai’s largest lender, although he was previously chief investment officer of ENBD’s private banking arm prior to a role at Coutts, which he held before joining NBAD.

Galen Moore, the head of NBAD’s equity market-making, has also left, three sources said. Two of the sources said Andrew Baxter, managing director of global markets e-commerce, had left the bank as well.

A spokesman for NBAD declined to comment on the departures and ENBD’s spokesman did not immediately respond to a request for comment in relation to Dugan.

Until recently, NBAD had embarked on a period of heavy recruitment as it built up its focus on emerging markets from West Africa to East Asia.

Moore and Baxter worked within the bank’s global markets business, which provides trading services in domestic, regional and international markets, according to NBAD’s website.

NBAD in February began market-making, or quoting buy and sell prices, on the Abu Dhabi stock exchange, a move intended to help drive liquidity and trading. It is the only institution authorised to do this on the stock exchange. (Reporting by Hadeel Al Sayegh, Stanley Carvalho and Tom Arnold. Additional reporting by Archana Narayanan; Editing by David French and Jane Merriman)

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