Tambach joined Mashreq as its Group CFO in September 2023. The bank recorded a pre-tax net profit of AED 6.5 billion ($1.78 billion) in the first nine months of 2024, a 9% increase compared to the same period the year prior, and achieved despite an increase in corporate income tax of almost AED 500 million ($136 million).
In the first six months of 2024, Mashreq recorded a net profit of AED 4 billion ($1.09 billion), reflecting a significant 14% increase year-on-year. The bank’s return on equity (ROE) reached 25.8% for 9M 2024, showcasing the management’s commitment to deliver optimal value to shareholders.
As Group CFO of Mashreq, Tambach’s role is to ensure the development and execution of financial strategies that support the bank’s strategic objectives, driving innovative technology adoption and process improvements within the finance and corporate affairs functions across the group.
He oversees the bank’s balance sheet, its financial reporting structure and its interaction with multiple regulatory and tax jurisdictions. Tambach also plays a central role in the continued digitisation of the bank’s financial operations, as well as the efficacy of its reporting functions and the professional development of a highly experienced finance team.
“Innovation and a pioneering spirit drive Mashreq’s success and inspire me personally. Together with my team, we developed a genAI ‘Best-in-Class CFO Function’ strategy, focusing on future-skilling and leveraging advanced tools like genAI to enhance the effi ciency and eff ectiveness of our performance.”
Norman Tambach
Tambach’s background comprises several senior financial leadership roles, including his time at the publicly listed global bank ING, which he joined in 2013 as Group Controller and Head of Finance. Tambach became the CFO and Executive Board Member of ING Germany in 2019.
Previously, he held significant positions at KPMG in Belgium and the Netherlands. Tambach joined the consultancy company in 1991 and thereafter worked there for over two decades, across a series of roles.
Tambach brings a wealth of expertise encompassing strategic financial engineering, mergers and acquisitions, financial operations, regulatory governance, risk management, capital management and corporate tax planning, in addition to in-depth understanding of financial technologies, data analytics and digital transformation.
Tambach holds a Master of Science in Accountancy from the Nyenrode Business University in the Netherlands and is a Certified Public Accountant.
