DIB names two deputy CEOs, foresees expansion

Dubai Islamic Bank (DIB), the Gulf Arab emirate's third-largest bank by market value, appointed two deputy chief executives as it sets its growth strategy, it said in a statement on Wednesday.

DIB named Adnan Chilwan as deputy CEO, chief of consumer and wholesale banking, while Mohammed Al Nahdi was named deputy CEO, chief operating officer.

"Dubai Islamic Bank is embarking upon a new phase of growth and expansion, and our new structure has been aligned to capitalise on this business potential," said Chief Executive Abdulla Al Hamli in an e-mail statement.

DIB plans to open 10 more branches within the UAE in 2011 as part of its domestic expansion strategy. In November, the company said it aimed to increase its branches in its home market to 74 from 66 by the end of 2010.

In September, Dubai Islamic Bank raised its stake in Islamic lender Tamweel to 57.33 per cent, effectively rendering the mortgage lender a subsidiary of the bank, in a move that was expected to help revive lending in Dubai's property market.

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