| ABU DHABI
ABU DHABI Oct 13 National Bank of Abu Dhabi
and First Gulf Bank said on Thursday they had
finished picking the senior management team to run the combined
The Abu Dhabi-based duo announced in July they would merge
to form one of the largest banks in the Middle East and Africa,
with assets of around $175 billion, at a time when the emirate
is seeking to revamp its economy to meet the challenges of lower
First Gulf Bank (FGB) board member and managing director
Abdulhamid M. Saeed had already been tapped to lead the new
bank, with National Bank of Abu Dhabi (NBAD) chief financial
officer James Burdett assuming the same role at the merged
The remaining appointments will be formally announced ahead
of the completion of the merger, expected during the first
quarter of 2017, a statement from FGB sent to Reuters on
Thursday said without providing details.
NBAD declined to comment.
Two sources close to the matter told Reuters senior
executives from both banks had been picked to be part of the new
Andre Sayegh, the CEO of FGB, will be deputy chief executive
and will also head the corporate and investment banking business
of the new bank, which will retain the NBAD brand.
NBAD's CEO at the time of the merger deal, Alex Thursby,
left his role in August. The acting CEO of NBAD, Abhijit
Choudhury, will become chief risk officer once the merger has
completed, the sources said.
Karim Karoui, CFO of FGB, has been appointed head of
strategy and subsidiaries, while Khalaf al-Dhaheri, the group
chief operating officer at NBAD, has been selected as chief
operating officer of the merged bank.
Arif Shaikh, chief risk and credit officer of FGB, will head
the international business of the new bank, while Hana
Rostamani, head of consumer banking at FGB, will be head of
Shirish Bhide, head of wholesale and international banking
at FGB, will act as chief credit officer after the merger.
The annual general meetings of both NBAD and FGB will take
place in the first quarter of 2017, after which a new board will
be picked for the merged bank, one of the sources said.
FGB chairman Sheikh Tahnoon bin Zayed al-Nahayan was named
as chairman designate in July.
(Reporting by Stanley Carvalho; Editing by Mark Potter)