RAKBANK appoints new CEO

National Bank of Ras Al Khaimah (RAKBANK) has appointed Peter England, previously a senior banker at Malaysia's CIMB Group, as its new chief executive, two sources familiar with the matter said.

England, who was the head of retail financial services business at CIMB takes charge on Sept. 1, one of the sources said, speaking on condition of anonymity as the matter has not been made public.

RAKBANK officials were not available for comment.

RAKBANK was one of the two banks named in a massive global bank card fraud in May which saw nearly $45 million stolen from the UAE lender and Oman's Bank Muscat.

England replaces Graham Honeybill who is due to become a non-executive director of the bank after his retirement in July, sources said in April.

Ian Larkin, the former managing director of Lloyds TSB Commercial Finance was due to replace Honeybill in July, but barely six weeks since arriving at the bank to prepare to take the helm, he quit, sources said in May.