NBB launches financial restructuring division

National Bank of Bahrain (NBB) yesterday announced launching a new Financial Restructuring Business as part of its ongoing diversification efforts.  Heading the new division as Chief Executive – Financial Restructuring is Bruce Wade, who will fulfil a need for specialised financial restructuring advice for companies in Bahrain and the GCC markets with a primary focus on corporate clients and selective Commercial Banking clients.

He will act as an independent advisor to companies facing challenges as well as for companies where NBB is a creditor.  Wade joined NBB in 2014 as Chief Risk Officer bringing in more than 35 years of banking experience including roles at Citibank, Bank of Tokyo Group, Saudi Hollandi Bank, and Riyad Bank. Currently, he serves as the Chairman of the Risk Management Committee at the Bahrain Association of Banks.  

Commenting, Jean-Christophe Durand, CEO of NBB, said, “We are pleased to launch our new Financial Restructuring Division. With the right expertise and advice, we believe we can play an important role in supporting efforts by companies to restructure.” Wade, added, “I’m delighted to take up this new role and now extend the provision of financial restructuring services to existing corporate and commercial clients of the Bank and others in the market requiring expert advice on how to restructure.”

“There are numerous factors impacting companies today both in Bahrain and across the GCC and our new division will focus on helping them to navigate the current environment with the aim of putting their companies back on the path to growth and giving them the ability to resume making positive contributions to the local and regional markets.”