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UAE's NBAD group CEO steps down, acting replacement appointed

Abu Dhabi's largest lender slated to merge with First Gulf Bank by first quarter of 2017

Published: Updated:

National Bank of Abu Dhabi (NBAD), the emirate's largest lender by assets, said on Monday that Alex Thursby had stepped down as group chief executive after three years in the position.

Abhijit Choudhury, the bank’s chief risk officer, has been appointed acting chief executive, NBAD said. Choudhury will lead the bank until its planned merger with First Gulf Bank is complete, the statement said.

The merger of the two Abu Dhabi-based banks, recommended by the boards of the two lenders last month, is expected to be completed in the first quarter of 2017.

Integration process

Khalifa Sultan al-Suwaidi, currently a member of NBAD's board of directors, will take on the new position of managing director to support the bank in the integration process until the merger is completed.

Thursby said on an earnings conference call last month that he would not be part of the leadership of the bank created by the merger of NBAD and FGB.