Business | Banking
Al Suwaidi elected chairman of ADCB
Abu Dhabi Commercial Bank (ADCB) on Sunday announced that chairman Saeed Al Hajiri has stepped down. Its board elected Eisa Al Suwaidi as the new chairman and Mohammad Sultan Al Hameli as vice-chairman.
- Staff Report
- Published: 00:01 September 15, 2008
Dubai: Abu Dhabi Commercial Bank (ADCB) on Sunday announced that chairman Saeed Al Hajiri has stepped down. Its board elected Eisa Al Suwaidi as the new chairman and Mohammad Sultan Al Hameli as vice-chairman.
"During Al Hajiri's four-year tenure as chairman, ADCB experienced a broad transformation. Assets have grown by more than 500 per cent and profits have grown by more than 600 per cent," a company statement said.
"Return on investment improved from 9 per cent to an average of over 20 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."
ADCB has completed the establishment of Abu Dhabi Commercial Properties (ADCP) to take over the management of the former Khalifa Committee from the Government of Abu Dhabi.
The bank manages 3,500 commercial buildings and 55,000 residential units in Abu Dhabi.
The bank's ratio of interest income to fee income has improved from 90/10 to 60/40 in recent years and non-performing loans have been driven down from 19 per cent to a sustained 1.5 per cent reflecting significant improvements in quality of earnings and risk management.
ADCB has received many awards in recent years, including the EuroMoney Award for Best Bank in the UAE, reflecting its leadership in innovation among banks in the UAE.
The International Fin-ance Corporation, a unit of the World Bank, has reviewed the corporate governance of ADCB and confirmed that the bank is on track to achieve global best practices in corporate governance.
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