National Bank of Abu Dhabi names CE

THE National Bank of Abu Dhabi named the banker who led Australia and New Zealand Banking Group’s push into Asia as its CE yesterday, as it expands abroad from its saturated local market.

Alex Thursby, Australia and New Zealand Banking’s CE for international and institutional banking, will take over on July 1 at the Abu Dhabi bank, where he will also face the challenge of fighting off pretenders to the bank’s number one domestic position.

The National Bank of Abu Dhabi, almost 70%-owned by the government, has the largest market capitalisation and profitability of the 50 local and global banks in the United Arab Emirates (UAE). Like other UAE banks such as Emirates NBD, First Gulf Bank and Union National Bank, it is keen to expand overseas due to competition in the local market.

“It is not going to be easy competing with some peer banks that have adopted an aggressive approach to win business locally as well as abroad, particularly in Asia and the Middle East,” said a senior Abu Dhabi banker, who did not want to be named.

In his new role, Mr Thursby succeeds Michael Tomalin, whose retirement after 14 years at the helm was announced a year ago. Mr Tomalin will remain in a nonexecutive director’s position.

British-born Mr Thursby was put in charge of Australia and New Zealand Banking CEO Mike Smith’s push for the Australian lender to become a super-regional bank in Asia six years ago. The group aims to double earnings in Asia to up to 30% of its total inside five years.

Mr Thursby was touted as a potential CEO at Australia and New Zealand Banking last year when Mr Smith was approached by Barclays. Mr Thursby will face a similar challenge at National Bank of Abu Dhabi, which has turned its focus outwards, particularly towards Asia. Reuters