ADCB gets new chairman

The Abu Dhabi Commercial Bank (ADCB), one of the largest banks in the Middle East, has named a new chairman following the resignation of its former board head because of other commitments, the bank said yesterday.

Eissa Al Suwaidi was selected by the board as Chairman of ADCB to replace outgoing Chairman Saeed Al Hajiri, ADCB said in a statement. "Al Hajeri commented that he has stepped down to concentrate on the other directorships within his portfolio," the statement said. "The bank's new chairman, board and senior management expressed their thanks to Al Hajeri for his significant achievements as Chairman of ADCB."

"The board also welcomes Al Suwaidi, who is a highly experienced board director, with more than 15 years of experience in the banking industry."

According to the statement, during Al Hajeri's four year tenure as Chairman, ADCB experienced a broad transformation.

Total assets have jumped by more than 500 per cent and profits by more than 600 per cent.

New innovative businesses were added, including joint ventures with Macquarie Bank for infrastructure and treasury products.

"ADCB is now a leader in the market in these products," it said. "The establishment of Abu Dhabi Commercial Properties (ADCP) to take over the management of the former Khalifa Committee from the Government of Abu Dhabi was recently completed and ADCP now manages 3,500 commercial buildings and 55,000 residential units in Abu Dhabi on behalf of the Government," it added.