Dubai, UAE: Commercial Bank of Dubai (CBD), one of the leading banks in the United Arab Emirates, announced the retirement of Mark Zanelli, General Manager & Head of Treasury, Asset Management & Global Markets, after a distinguished career spanning over four decades in the banking industry, including the last seven years at CBD.

Mark Zanelli joined CBD in July 2017 and has been instrumental in steering the bank’s treasury and investment functions through a period of significant growth and transformation. His leadership has seen the successful implementation of strategic initiatives that fortified the bank’s financial stability, navigated volatile global markets, and expanded CBD’s market share in key sectors. Mark’s profound understanding of global markets and his ability to anticipate economic trends has been essential in keeping the bank competitive in the dynamic and complex UAE financial environment.

“We are deeply grateful for Mark’s exceptional service and leadership,” said Dr. Bernd van Linder, CEO of Commercial Bank of Dubai. “Mark has been a pillar of strength within our organisation and his strategic vision and steadfast commitment have not only ensured the stability of our treasury operations but also paved the way for future growth. His contributions have left a lasting impact on CBD, and we wish him all the best in his well-deserved retirement.”

Succeeding Mark Zanelli is Piotr Bednarek, who has been appointed as the new General Manager & Head of Treasury, Asset Management & Global Markets, effective 9th of September 2024. Piotr brings with him 25 years of extensive experience in financial markets, treasury, and asset/liability management, having held senior positions across Asia and Europe, most recently as Managing Director and Group Treasurer for Singapore, Hong Kong, and Japan at ING Bank.

Throughout his career, Piotr has consistently demonstrated proficiency in managing intricate balance sheets, fostering innovation, and leading diverse teams. His expertise spans across fixed income, rates, FX, derivatives and digital assets, establishing him as a leader in both traditional and emerging financial sectors. At ING, Piotr was instrumental in building financial markets and revolutionising treasury operations across various regions, deploying advanced risk management systems, promoting trading mentality and initiating projects aimed at process automation and sustainability. His comprehensive understanding of global financial markets, combined with his passion for integrating technologies like blockchain and AI into banking, uniquely positions him to lead CBD’s Treasury and Global Markets division into an era of innovation and growth.

Piotr holds an MSC in International Economics from Warsaw University and completed his Executive MBA from the University of Minnesota. He recently graduated from the Advanced Management Programme at MIT Sloan School of Management and received an Advanced Certificate for Executives in Management, Innovation and Technology.

“Piotr’s appointment marks an exciting new chapter for our Treasury and Global Markets division,” Dr. van Linder added. “His vast experience, coupled with his forward-thinking approach and commitment to sustainability, will be invaluable as we continue to enhance our capabilities and deliver value to our clients and stakeholders. I am confident that under Piotr’s leadership, we will not only maintain our strong market presence but also explore new and innovative opportunities in the rapidly evolving financial landscape.”

CBD looks forward to the continued success and evolution of its Treasury, Asset Management, and Global Markets division under Piotr Bednarek’s leadership.

About Commercial Bank of Dubai:

Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals including the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever-increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services. 

For media inquiries, please contact: 
For additional information, contact CBD’s PR and Media team at PRandMedia@cbd.ae  

Ryan McCarthy – Senior Manager, Corporate Communications ryan.mccarthy@cbd.ae

Areej Al Yousuf – Manager, Corporate Communications areej@cbd.ae