NBAD new chairman

[sharewadi]

ADX 06 January 2009:

(NBAD) National Bank of Abu Dhabi announces the resignation of its Chairman and the appointment of a new Chairman

A typically unhelpful disclosure from a UAE company with no further information. But The National enlightens us...

The National 06 January 2009:

NBAD replaces chairman H Michael Jalilli The National Bank of Abu Dhabi (NBAD) appointed a new chairman today with strong ties to the Abu Dhabi Government. Nasser Ahmed Khalifa al Sowaidi, current chairman of the Abu Dhabi Department of Planning and Economy (DPE), replaced Khalifa al Kindi as the chairman of NBAD’s board of directors. NBAD did not provide a reason as to why Mr Kindi resigned yesterday. Mr al Sowaidi is also a member of the Abu Dhabi Executive Council, a board member with Mubadala Development, the chairman of the Abu Dhabi Port Company and Abu Dhabi Securities Exchange, vice chairman of Aldar Properties and a board member of the International Petroleum Investment Company. NBAD is the nation’s second largest bank by assets and the emirate’s biggest bank. Industry insiders believe, with the city in the initial stages of investment in its infrastructure, Mr Sowaidi's appointment could solidify NBAD’s relationship with the emirate’s government and help it secure lucrative deals. A banker who did not want to be named said Mr Sowaidi could especially help NBAD during the current market slowdown and credit crisis. “The role of the chairman in bringing in business should never be underestimated,” the banker said. “Right now, every institution in the east and west is thinking how to tap into the very limited pool of opportunities and at a time like this the chairman would play a very active role.”

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