GIB appoints Richard Scott as head of risk management
Gulf International Bank (GIB) has announced the appointment of Mr. Richard David Scott as Managing Director-Head of Risk Management at its headquarters in the Kingdom of Bahrain.
Mr. Scott, a British national, has previously worked with Citigroup as Regional Head for Country Risk Management for Europe, the Middle East and Africa. Prior to this he worked as Risk Manager for the Smith Barney private equity finance business for the Asia Pacific region and Europe.
Earlier, Mr. Scott was also the Director and Head of the Investment Finance Business platform of Citibank Private Bank London, and at Saudi American Bank he was the Senior Credit Officer covering the Central and Western regions, energy, public sector and financial institutions. Before joining Samba, Mr. Scott was Citibank’s Country Risk Manager in Russia.
“I am delighted to be joining such a pre-eminent financial institution as GIB, which for a long time has been virtually unrivalled in being recognized as the foremost Merchant Bank in the Middle East,” said Mr. Scott.
He went on to say: “The recent turmoil in the global financial markets has highlighted the need for banks to heed the lessons in Risk Management to take away from these events. I look forward to working with my colleagues at GIB to ensure that we have a state-of-the-art risk management function going forward.”
Commenting on this new appointment, Dr. Khaled M. Al-Fayez, Chief Executive Officer, said: “I am looking forward to working with Mr. Scott, who has extensive experience in the management of risk. His appointment comes as part of GIB’s strategy to enhance its risk management parameters and strengthen its frameworks, especially after the unprecedented challenges facing the international banking industry.”
GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, capital markets debt securities, private equity, asset management, project and structured finance and Islamic banking.
