Deem Finance, the UAE-based digitally-led financial services provider, on Thursday announced that its CEO Chris J de Bruin is planning to step down.

De Bruin has informed the board of directors of his plans to resign to "pursue other endeavours", the company said in a statement.

Deem has named Jayasheel Bhansali, currently serving as the company’s chief financial officer as interim CEO with immediate effect.

The statement said that under de Bruin’s leadership, Deem has undergone a significant transformation from a traditional consumer lender to a digital finance company.

De Bruin said: “It has been an honour to lead the amazing team at Deem. I am grateful for the trust extended by the board, in particular our chairman, Saed Arar, and our incredible shareholders. Together we have created a great platform and I look forward to Deem growing from strength to strength.”

Arar added: “We would like to thank Chris for his strong leadership over the last few years. He has brought significant positive change to the business. We highly appreciate the years of service Chris dedicated to Deem.

"He leaves a legacy of financial stewardship and discipline that will contribute to our future success for years to come. We wish him the very best in his next endeavor.

The financial service provider is a strategic partnership between Mubadala Investment Company, Fullerton Financial Holdings, Waha Capital and AA Al Moosa Enterprises.

The company provides a wide range of financing solutions including Personal loans, credit cards, as well as corporate deposits via a digital platform.