First Gulf Bank chairman steps down

First Gulf Bank's Chairman Sheikh Hazza bin Zayed Al Nahyan has resigned due to his role as vice chairman of the Abu Dhabi Executive Council, the bank said in a statement on Thursday.

Sheikh Tahnoon bin Zayed Al Nahyan, who serves as vice chairman of First Gulf Bank's board of directors, will take over as chair until elections are held in 2012.

The Abu Dhabi Executive Council, the capital's main policymaking body, was overhauled in December with Sheikh Hazza appointed as the vice chairman.

Sheikh Hazza also serves as the UAE's National Security Adviser.

Sheikh Hazza's resignation from First Gulf Bank was effective as of March 10, the statement said.

In February, First Gulf Bank reported fourth quarter net profit of Dh865 million ($235.6 million) in the three months to Dec. 31, compared with Dh855 million in the same period last year.

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