Shuaa Capital, the struggling Dubai-based investment bank, on Tuesday named a former ABN Amro banker as its new chief executive, replacing Michael Philipp who stepped down after just six months in the job.
Shuaa said Colin MacDonald, who was previously ABN's group managing director and regional head for the Middle East, will take over a bank struggling to find its feet after the global financial downturn hit its core business.
MacDonald left the Dutch lender in 2010 and has been working as an independent financial advisor since then.
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