Abu Dhabi Commercial Bank has announced that its board of directors have elected Khaldoon Al Mubarak as the bank;'s new Chairman and Hussain Jassem Al Nowais as the Vice Chairman.

ADCB is now the UAE's third-largest financial institution and one of the nation's largest retail lenders, with over 1 million customers, net loans of Dh250 billion and customer deposits at Dh262 billion as of December 31, 2019.

The Board meeting followed a decision earlier in the day by shareholders at ADCB’s Annual General Assembly to appoint Al Mubarak, along with Ahmed Saeed Al Calily and Mohamed Ali Al Dhaheri, to the Bank’s Board, said the bank in a statement.

Eissa Al Suwaidi, Mohamed Dhaen Al Hamli and Mohamed Hamad Al Mehairi, stepped down as Directors.

The appointments come as ADCB continues its successful integration with Union National Bank and Al Hilal Bank, to deliver scale and efficiencies that strengthen ADCB as a significant and resilient financial organization positioned to support the nation's growth, it added.

On the appointment, Al Mubarak said: "Under the thoughtful leadership of Eissa Al Suwaidi and the Board, ADCB has grown into a stable and strong institution. During his tenure, Al Suwaidi steered the bank through a number of challenges, including the 2008 global financial crisis."

"He was instrumental in the bank’s growth for over a decade, and guided ADCB through one of the region's most significant mergers, establishing a banking institution that is delivering long-term value for its shareholders and the nation," he added.

Al Mubarak is Managing Director and Group CEO of Mubadala Investment Company, Chairman of the Abu Dhabi Executive Affairs Authority and a member of the Abu Dhabi Executive Council.

Ahmed Saeed Al Calily and Mohamed Ali Al Dhaheri’s appointments are subject to UAE Central Bank Approval procedures under UAE banking regulations.

The board includes: Khaldoon Al Mubarak (Chairman); Hussain J Al Nowais (Vice Chairman); Ahmed Saeed Al Calily; Mohamed Ali Al Dhaheri; Ala'a Eraiqat; Abdulla Khalil Al Mutawa; Khaled H Al Khoori; Khalid Deemas Al Suwaidi; Aysha Al Hallami; Carlos Obeid and Saeed Mohamed Al Mazrouei.-TradeArabia News Service