When Michel Accad announced his resignation from Gulf Bank in October, it signalled that one of the most successful turnarounds in Middle Eastern banking was coming to a conclusion.
Accad oversaw a transformation in a bank that in 2008 would unquestionably have gone under without state support. He leaves it stable, streamlined and well capitalized.
His departure, first covered in Euromoney’s November issue, raises questions too. He says he is leaving because his work is done and it is time for someone else to take on the role of growing the bank.
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