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Wed 21 Nov 2012 05:12 PM

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Abu Dhabi's ADCB hires top UK exec as advisor

Gerry Grimstone, chairman of Standard Life, to advise the UAE's third biggest bank

Abu Dhabi's ADCB hires top UK exec as advisor

Abu Dhabi Commercial Bank, the UAE's third biggest bank by market value, has appointed the chairman of the UK's Standard Life as adviser to the bank's board.

Gerry Grimstone, a former investment banker at Schroders, replaces Lord Mervyn Davies of Abersoch whose term expired recently, ADCB said in a statement on Wednesday.

Currently, Grimstone is chairman of Standard Life, one of Britain's largest savings and investments businesses.

He has also run businesses in London, New York and Asia Pacific and was an official in the UK's Treasury where he was responsible for privatisation and policy towards state-owned enterprises.

He will attend board meetings and advise on all aspects of the bank's business including strategy, the statement added.

Eissa Al Suwaidi, chairman of the board, said: "The board is delighted to announce the appointment of, and partnership with, Gerry Grimstone. We are confident that Mr Grimstone's expertise and experience will add significant value to the bank."

ADCB employs over 3,600 people and serves approximately 470,000 retail customers and over 36,000 wholesale clients in 49 branches in the UAE and 2 branches in India and 1 branch in Jersey. Its assets totalled AED182bn as at the end of September.

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