Kuwait's NBK says CEO to retire after AGM

Ibrahim Dabdoub will step down from top role at country's biggest commercial bank
Kuwait's NBK says CEO to retire after AGM
National Bank of Kuwait chief executive Ibrahim Dabdoub.
By Reuters
Wed 18 Dec 2013 04:09 PM

Ibrahim Dabdoub, one of the longest-serving bank executives in the Middle East, said on Wednesday he would retire from the helm of National Bank of Kuwait after the lender's next annual general meeting.

Dabdoub, who has been chief executive of Kuwait's biggest commercial bank for three decades, will remain as a consultant to the board of directors after he leaves the role, the bank said.

"I am leaving NBK in the safest hands," Dabdoub said in a statement.

The bank did not give a date for its next annual general meeting, although fourth-quarter results are expected in January.

The statement provided no details on how the bank would replace Dabdoub, who started working at the bank in 1961 as a junior officer.

Dabdoub helped transform NBK from a local bank into a major regional lender which also weathered crises such as the 1990 Iraqi invasion of Kuwait.

He was outspoken about issues affecting the Kuwaiti economy, voicing concern about a lack of infrastructure development in the country in 2012. He later expressed confidence in the economy when the environment improved.

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