NBAD approves long term incentives plan for staff

Abu Dhabi: National Bank of Abu Dhabi (NBAD) held an extraordinary general meeting in Abu Dhabi to approve the Board's proposal to offer convertible notes to the Bank's top employees as a part of NBAD's long term employee incentive plan.

The Bank's Employee Share Option Scheme aims to reward top talent and key staff by giving them an option to invest in NBAD shares at a fixed price at a future date.

Selected staff will be allowed to purchase shares through convertible notes to the equivalent value of the shares.

The total value of the shares to be issued by the Bank to the staff shall not exceed 2.5 per cent of the paid up capital in July 2011.

The meeting, held under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the NBAD Board, authorized the board to take the necessary steps to set the Scheme in progress.

“NBAD's Staff Share Option Scheme, one of the first in Abu Dhabi, is an added proof that NBAD is committed to employing and rewarding top talent and treating its key staff more like owners than employees.

"The scheme aims to retain the bank's best employees and attract new hires to NBAD'' said Mr. Michael Tomalin, NBAD's Chief Executive.

NBAD reported a net attributable profit of Dh875 million in the first quarter of 2008, 45 per cent up on the corresponding quarter of 2007. Operating profit, before provisions and tax, was Dh958 million, 56 per cent above the first quarter 2007.

Total assets reached Dh157 billion, up 41per cent from March 2007. Loans and advances to customers reached Dh93 billion, up 51 per cent on the 31 March 2007 while deposits rose 29 per cent over the year to Dh92 billion.