14 September 2008
ADCB praises Saeed Al Hajeri for his achievements during his tenure as Chairman and welcomes Eissa Al Suwaidi, the new Chairman
Abu Dhabi, 14 September, 2008: ADCB today announced that H.E. Saeed Al Hajeri has stepped down as Chairman of Abu Dhabi Commercial Bank. The Board of ADCB elected H.E. Eissa Al Suwaidi as the new Chairman and H.E. Mohammed Sultan Al Hameli as Vice Chairman to the Board of ADCB.
During Mr. Al Hajeri's four year tenure as Chairman, ADCB experienced a broad transformation. Total assets have grown by more than 500% and total profits have grown by more than 600%. ROE improved from 9% to an average of over 20%. 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. The establishment of Abu Dhabi Commercial Properties to take over the management of the former Khalifa Committee from the Government of Abu Dhabi was recently completed and ADCP now manages 3,500 commercial buildings and 55,000 residential units in the Emirate of Abu Dhabi on behalf of the Government. The 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% to a sustained 1.5% 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 it's leadership in innovation among banks in the UAE. During 2008 ADCB received the "Best Bank" award from Banker Middle East. In addition, the IFC, a unit of the World Bank, has reviewed the corporate governance of ADCB and confirmed that ADCB is on track to achieve global best practices in corporate governance.
Mr. Al Hajeri commented that he has stepped down to concentrate on the other Directorships within his portfolio. The Bank's new Chairman, Board and senior management expressed their thanks to Mr. Al Hajeri for his significant achievements as Chairman and welcomed Mr. Al Suwaidi.
Mr. Al Suwaidi is a highly experienced Board Director, with more than 15 years of experience in the banking industry.
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