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Mon 28 Feb 2011 05:39 PM

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UAE lender ADCB hires ex-RBS executive as COO

Bank names Jerry Mollenkramer from RBS as COO, move follows buyout of RBS retail assets last year

UAE lender ADCB hires ex-RBS executive as COO
ADCB bought rival lender RBS retail assets last year for about $100m

Abu Dhabi Commercial Bank on Monday named Jerry Mollenkramer, formerly at UK lender RBS, as group chief operating officer, a new position at the bank, the lender said on Monday.

The move follows the acquisition of RBS' retail assets in the UAE by ADCB last year for about $100m, to expand its domestic footprint.

"The bank has experienced substantial growth in recent years, especially following the acquisition of the RBS retail bank in the UAE," Ala'a Eraiqat, chief executive officer of ADCB, said in the statement.

Mollenkramer was most recently the COO for RBS' Middle East Africa franchise and held positions at ABN Amro previously, the statement said.

ADCB, the UAE's fifth largest bank by market value and the third biggest in Abu Dhabi, swung to fourth quarter and yearly profit in 2010, helped by higher net interest income.

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