Abu Dhabi bank chief quits for investment role

by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 07 January 2009

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.

Story continues below ↓

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)