NBAD CEO to retire in a few months

The chief executive officer of National Bank of Abu Dhabi, Michael Tomalin, will retire from the post in a few months and a search is underway for his successor, the bank's chairman announced on Tuesday.

Tomalin, a former chief executive of Barclays Global Private Banking, has been with the bank as CEO for the last 13 years and will remain in a non-executive director's role.

"The bank has commissioned a professional search for Tomalin's successor which was likely to take a few months," Nasser al Sowaidi told the bank's annual general meeting.

NBAD, the largest lender in the United Arab Emirates by market capitalisation is aiming to grow its profit and assets about four-fold over the next decade as it expands its business and reach, Tomalin later told reporters.

The bank expects net profit to touch Dh16 billion ($ 4.35bn) and assets to reach around one trillion dirhams by 2021, he said.

 "Over the last 10 years the bank increased its profits and assets over many new businesses. It will be similar going forward, expansion on many fronts and we will benefit from the growth of Abu Dhabi," he said.

By then, the bank should be among the top 100 banks globally, he added.

The bank made a net profit of Dh3.70bn in 2011 and had assets totaling Dh256bn.

NBAD is eyeing expansion into several new markets globally over the next 10 years including Australia, South Africa, Canada, Brazil, India and Indonesia.

"Those are the markets we are considering to intermediate trade and flows between the Middle East and those markets," he said, adding the bank is looking at opening wholesale offices rather than branches.

The AGM approved 30 per cent cash dividends and 35 per cent bonus shares to shareholders.

Abu Dhabi is investing billions of dollars in industry, tourism and infrastructure to diversify its economy away from oil.

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