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Abu Dhabi: National Bank of Abu Dhabi chief steps down ahead of merger

By  |  August 15, 2016

The chief executive of National Bank of Abu Dhabi has stepped down earlier than expected ahead of a $29bn merger with its smaller rival First Gulf Bank that will create a new regional champion.

NBAD said in a statement on Monday morning that Alex Thursby, who has run the bank for slightly over three years, would be replaced on an interim basis by Abhijit Choudhury, its chief risk officer for the past decade.

The directors of NBAD and FGB voted unanimously last month to create a national banking group with $175bn in assets, a combined market capitalisation of $29bn, more than a quarter of Abu Dhabi’s outstanding loans and a network across 19 countries.

The groups said at the time the deal was announced that a new chief executive would be appointed from within FGB to replace the heads of the two banks at what will be the biggest bank in the Middle East and north Africa.

Full Content: Financial Times

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