Abu Dhabi: National Bank of Abu Dhabi PJSC (NBAD), the United Arab Emirates’ largest bank, said it plans to continue hiring, even as slowing economic growth caused by the slump in oil prices prompts rivals to cut jobs.
“We are continuing to build in efficiencies and hire around the implementation of our strategy,” the bank said in emailed response to questions. The lender isn’t planning any redundancies and said that while people may leave, “they do so as a result of retirement or substandard performance, rather than as a part of a cost-reduction strategy.”
Richard Oliver, NBAD’s chief executive officer for the Gulf and Africa, left the bank, a person with knowledge of the move said this month. Global transaction banking head Sin Ho Moon, director Lawrence Low, and head of client relationship Tanky Yun also left, according to people familiar with the matter.
Banks in the UAE, holder of the world’s sixth-largest oil reserves, are prepared for deteriorating conditions into next year as lower crude prices lead to a decline in government spending, slower economic growth and falling asset quality, Standard & Poor’s said this month. National Bank of Ras Al Khaimah PSC is cutting about 250 staff to improve synergy and efficiency, it said last week.
