4 se­nior staff de­part NBAD

Kuwait Times - - BUSINESS -

Four top man­agers at Na­tional Bank of Abu Dhabi (NBAD) are leav­ing the bank ahead of a merger with First Gulf Bank (FGB) to cre­ate one of the Mid­dle East and Africa’s big­gest banks, ac­cord­ing to sources. Ab­dulla Mo­hammed Saleh Ab­dul Ra­heem, deputy group chief ex­ec­u­tive and Qam­ber Al-Mulla, se­nior man­ag­ing di­rec­tor and chief ex­ec­u­tive of Gulf and in­ter­na­tional, are both de­part­ing, the sources said.

Also leav­ing are Saif Al-She­hhi, se­nior man­ag­ing di­rec­tor UAE gov­ern­ment group and VVIP clients, and Ab­dulla Bin Kha­laf Al-Otaiba, se­nior man­ag­ing di­rec­tor and group head of global re­tail & com­mer­cial. NBAD was not im­me­di­ately avail­able to com­ment. NBAD and FGB won share­holder ap­proval ear­lier this month for a merger to cre­ate a bank­ing heavy­weight with $175 bil­lion in as­sets.

The tie-up, ex­pected to be com­pleted dur­ing the first quar­ter, is part of a move by Abu Dhabi to re­vamp its econ­omy af­ter more than two years of lower oil prices weigh­ing on state rev­enues. The merger is ex­pected to lead to some re­duc­tion in staffing across the two banks, but it was un­clear whether the de­par­ture of the four se­nior man­age­ment was linked to any re­dun­dan­cies.

The two banks said in Oc­to­ber that they had fin­ished pick­ing the se­nior man­age­ment team to run the com­bined bank. FGB board mem­ber and man­ag­ing di­rec­tor Ab­dul­hamid M Saeed had al­ready been tapped to lead the new bank, with NBAD chief fi­nan­cial of­fi­cer James Bur­dett as­sum­ing the same role at the merged en­tity. The re­main­ing ap­point­ments will be an­nounced ahead of the com­ple­tion of the merger, a state­ment from FGB at the time said. NBAD’s chief ex­ec­u­tive at the time of the merger deal, Alex Thursby, left his role in Au­gust, with Abhijit Choudhury be­com­ing act­ing chief ex­ec­u­tive.

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