Abu Dhabi: The Abu Dhabi Commercial Bank (ADCB), one of the largest UAE lenders, said in a statement on Wednesday it had appointed a new chief executive officer in Ala'a Eraiqat, after incumbent Eirvin Knox resigned.
The bank gave no explanation for Knox's resignation. Prior to his latest assignment, Eraiqat was ADCB's Deputy CEO.
On behalf of the bank's board of directors, ADCB Chairman Eisa Al Suwaidi said: "The board expresses its gratitude to the departing CEO, particularly for the many accomplishments of the bank during his tenor. The board now gives its full support and backing to Mr Eraiqat, the new chief executive officer."
The new ADCB CEO stated that "revenue momentum has been sustained despite tightening of liquidity and credit in the local market and severe turmoil in international financial markets in the latter half of 2008.
"Moving to 2009, the bank's strong revenue momentum, increased control of costs, prudent general provisions of Dh1.29 billion and bond issue announced today should place ADCB in a strong and stable position," he said.
- With inputs from Reuters