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Sat 21 Mar 2020 11:14 AM

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Abu Dhabi banking giant appoints Mubadala chief as new chairman

Khaldoon Al Mubarak, managing director and group CEO of Mubadala Investment Company, has been appointed chairman of Abu Dhabi Commercial Bank

Abu Dhabi banking giant appoints Mubadala chief as new chairman

Khaldoon Al Mubarak, managing director and group CEO of Mubadala Investment Company, has been appointed chairman of Abu Dhabi Commercial Bank (ADCB), the UAE's third largest lender.

The board of directors also named Hussain J Al Nowais as vice chairman while Ahmed Saeed Al Calily and Mohamed Ali Al Dhaheri also join the board. 

The appointments come as ADCB continues its integration with Union National Bank and Al Hilal Bank to deliver scale and efficiencies. 

ADCB now has over 1 million customers, net loans of AED250 billion and customer deposits of AED262 billion as at the end of 2019.

Al Mubarak, who replaces Eissa Al Suwaidi, said: "I’m honoured to serve as chairman... as ADCB enters its next phase of development. Our priority as a board will be to support and guide the business as we advance the strategy for sustainable growth."

He added that although the macroeconomic environment today presents immediate challenges, ADCB is well-positioned to manage through global economic volatility and the evolving global regulatory and competitive landscape.

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