Dubai: Senior executives at Abu Dhabi Commercial Bank (ADCB) were appointed to top leadership positions at Al Hilal Bank, as it prepares to be acquired by ADCB.
Alaa Eraiqat, group chief executive officer of ADCB, was announced on Sunday as the new chairman of Al Hilal Bank, while Amr Al Menhali, head of Islamic banking at ADCB, was announced as the private bank’s new chief executive officer,
The appointments come just 10 days before the three-way bank transaction in Abu Dhabi, which will see ADCB merge with Union National Bank and then acquire Al Hilal.
The three banks are set to merge on May 1. A statement from Al Hilal on Sunday said the bank “will continue to operate as a separate entity within the ADCB Group, providing high quality Shariah-compliant retail banking products and services under its own brand.”
Gulf News understands, however, that integration between ADCB and Al Hilal’s workforce has already started, with ADCB’s corporate communications team sending out the announcement on the new leadership.
The new CEO, Al Menhali, is an Emirati who has been serving in ADCB’s Islamic banking unit since 2010, and who also serves on the board of a number of financial institutions as well as the UAE Banks Federation.
As for new chairman Eraiqat, Al Hilal said the board of directors under his leadership will focus on “driving the next stage of Al Hilal Bank’s growth through a culture of strong risk management and disciplined corporate governance.”
The bank also announced on Sunday it has set out a new road map to transform into a digital-focused retail bank, with plans to invest “significantly” in technology. The new CEO will be leading this digital change, which involves the launch of a new mobile banking app.
“Al Hilal Bank has a significant opportunity to thrive as an innovative, digital-focused retail bank that provides our customers with outstanding Shariah-compliant services,” Al Menahli said in a statement.
The new merged entity, which will retain the name ADCB, is expected to own Dh420 billion in assets, and have around one million customers.