The prevailing groups CEO, Simon Haslam, has announced for retiring from all his current roles assigned to him post serving in the Financial service sector for over 40 long years.
The Network International, UAE based largest Payment solutions provider and also the topmost payment processing firms within the MEA territory has finally announced here on Tuesday, that it will appoint Nandan Mer as their latest Chief Executive to power the enterprise within its forthcoming progression phase. He will succeed and take realms from the presiding and retiring firm’s current Chief Executive Simon Haslam- a novice in the financial services business, with over a four decades of expertise – who has decided to retire finally.
The Enterprise on a statement announced this Tuesday stated that: “Mr Mer who is at present time frame pioneering as the Strategy head for the Global Markets within the premises of global payment processor and FinTech Payment service giant Mastercard, will be taking the realms at the Dubai-backed Network International from February 1st.
Mr Haslam will finally be marching down as the current chief executive as well as board member within the close of this month onwards, however, he will still remain as an integral part of the enterprise during a Six-month notice period for enduring a smoother shift.
From the initial days of taking the realms at Network International in the year 2017, Mr Haslam, pioneered the firm through with its Initial Public Offering valued at $1.4Billion on the London Stock Exchange two years ago during 2019.
Network International group elatedly announced that Mr Mer who succeeds him, also has a proven track record of building and progressing of businesses having an overall expertise of 30 long years within the Payments Service arena as well as global markets, and that within this tenure, he has done operations with a numerous globalized financial organization inclusive of American Express, United Bank for Africa, Citigroup as well as most recent venture being that at the Mastercard.
Mastercard became a foundation stone investor via the offering, enchanting a 10 percent stake in the establishment and guaranteeing to invest an additional $35 million in the corporate over the forthcoming five years.
The presiding chairman of the Network International group, Ron Kalifa, further stated that: “Within his overall tenure, Simon has always drove the firm from front for the overall firm’s shift as the giant payment solutions provider within the UAE territory and also known as foremost enabler of digital commerce all through the Middle East and Africa (MEA) territory, as well as instrumental in carrying significant expansion across all their markets. For this he would like to thank Simon for his invaluable contribution as CEO and wish him all the well in his retirement. He leaves behind a strong business and a legacy of success.”
Mr Kalifa further stated that: “I am also pleased to announce Nandan’s appointment… He has an extensive breadth of experience across the consumer credit and payment industries in numerous international markets, including within the Middle East and Africa. Nandan’s robust track record of success with Mastercard and robust sectoral expertise make him an excellent appointment to drive Network via the next stage of our ambitious strategic growth plans.”
Mr Mer stated that “My focus will be on delivering for all stakeholders in the business while enduring to distribute strong financial returns to investors.”
Network International lessened its revenue deterioration to 17 percent during the third quarter of 2020 as trading performance enhanced amid an easing of pandemic-related boundaries. The firm is scheduling to enter the Saudi Arabian market, which has an addressable payments revenue pool of about $1bn, it told investors during the November preceding year.