Abu Dhabi bank chief quits for investment role

INVESTMENT MOVE: NBAD's chairman has resigned to devote more time to the Abu Dhabi Investment Council. (ITP Images)

National Bank of Abu Dhabi's chairman who resigned on Monday plans to devote more time to the Abu Dhabi Investment Council (ADIC), a bank spokesman said on Wednesday.

Khalifa al-Kendi had resigned on Monday, the bank said in a statement on the Abu Dhabi bourse website without giving a reason for his departure.

"We think Mr. Kendi wishes to give more of his time to the council after three years with the bank," a spokesman told Reuters by phone.

ADIC, a sovereign wealth fund, was created by the Abu Dhabi government in June 2006 to invest part of the government's surplus financial resources inside the UAE.

It is allowed to invest outside the United Arab Emirates. ADIC took over all the local subsidiaries previously owned by Abu Dhabi Investment Authority (ADIA) including National Bank of Abu Dhabi, Abu Dhabi Commercial Bank and Etihad Airways. (Reuters)

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READERS' COMMENTS

ABU DHABI BANK'S CHIEF QUITS
Posted by rajkumar bhatia, ABU DHABI, UAE on Wednesday 7 January 2009 at 13:04 UAE time


During H>E tenor, the staff of NBAD had an opportunity to grow and obviously financial status itself proves his success. We thank you Sir

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