Mashreq, the oldest bank in the United Arab Emirates, has appointed Rajeev Bhatnagar as group chief risk officer, according to an announcement made on 6 October. Bhatnagar, who brings more than three decades of international banking experience, joins the Dubai-based institution from BNY Mellon, where he led risk and compliance oversight for the bank's international operations spanning more than 100 countries. His appointment comes as Mashreq continues to strengthen its risk management infrastructure amid rapid digital transformation and expansion across the Middle East and North Africa region.
Bhatnagar will be responsible for advancing Mashreq's risk management capabilities across credit, operational, market and financial crime compliance disciplines. In a statement shared publicly, he said he was grateful for the opportunities of his six-plus years at BNY Mellon and was looking forward to supporting Mashreq's strategic ambitions in an evolving financial landscape. No search firm involvement was mentioned in the announcement, and no specific start date was disclosed.
Bhatnagar is an engineer with an MBA from the Indian Institute of Management Ahmedabad, specialising in finance. Before joining BNY Mellon, he spent more than six years in senior risk roles at Commonwealth Bank of Australia and held a 21-year tenure at Citigroup. His career spans credit risk management, regulatory compliance and business leadership across the Indian subcontinent, Europe, Africa and Asia. He previously served as interim global chief compliance and ethics officer at BNY Mellon and has held regional and country-level chief risk officer positions at major financial institutions.
Mashreq, founded in 1967 and listed on the Dubai Financial Market, is one of the largest financial institutions in the MENA region, with approximately 5,000 employees and operations across more than a dozen countries. The bank has shifted aggressively toward digital banking and technology-driven services in recent years, launching digital products including a mobile-only banking app aimed at younger customers, and integrating artificial intelligence into customer service and fraud detection. It has set out a target of directing 110 billion dirhams toward sustainable finance by the end of the decade.
The appointment signals Mashreq's prioritisation of risk governance as it navigates heightened regulatory scrutiny of emerging technologies and evolving compliance frameworks across multiple jurisdictions. By recruiting a seasoned international risk executive from a global custodian bank, Mashreq appears to be positioning itself to manage the complexities arising from cross-border operations, digital asset expansion and enhanced financial crime surveillance. Bhatnagar's track record managing teams across every risk discipline suggests the bank is preparing for sustained international growth while maintaining institutional resilience in a competitive regional banking market.
