Abu Dhabi Commercial Bank (ADCB) has carried out a partial shake-up of its board of directors with the appointment of two members.
Abu Dhabi Investment Authority (Adia), which represents the emirate's government on the bank's board, said it had replaced its two board representatives, including ADCB's former managing director Khalifa Mohammed Hassan.
The decision took effect on May 26 and involved the appointment of Moham-med Darwish Khouri and Jean-Paul Villain as board members to replace former members Hassan and Abdullah Mohammed Hassan Amiri.
"Please be informed that Adia, which represents the Abu Dhabi government in the bank's board of directors, decided to make such amendments as of May 26," Adia said in a letter to the Emirates Securities and Commodities Authority (Esca).
It gave no reason for the change and dealers believe it is a routine move on the grounds the bank enjoys a strong financial position.
ADCB, one of the biggest UAE banks, is listed on the Abu Dhabi bourse but only the shares which are not owned by the government are traded.
The bank, which is owned 60 per cent by the Abu Dhabi government, controlled nearly Dh28.7 billion ($7.8 billion) in assets at the end of March while its shareholders equity stood at Dh4.62 billion ($1.25 billion).
The bank made record profits of Dh580.9 million ($158.2 million) in the first quarter while its market capitalisation peaked at around Dh9.42 billion ($2.56 billion) at the end of that quarter.
Abu Dhabi Commercial in partial board shake-up
Abu Dhabi Commercial in partial board shake-up