The National Bank of Abu Dhabi (NBAD) appointed a new chairman yesterday with strong ties to the Government. Nasser Ahmed al Sowaidi, the chairman of Abu Dhabi Department of Planning and Economy (DPE), replaces Khalifa al Kindi to head NBAD's board of directors. NBAD did not provide a reason why Mr al Kindi resigned on Monday. In addition to his position at the DPE, Mr al Sowaidi is also a member of Abu Dhabi Executive Council, a board member of Mubadala Development, the chairman of both the Abu Dhabi Ports Company and Abu Dhabi Securities Exchange, the vice chairman of Aldar Properties and a board member of International Petroleum Investment Company. NBAD is the nation's second-largest bank by assets and the emirate's biggest bank. The move comes at a time when the emirate is spending heavily on infrastructure. NBAD's stock rose for the fifth consecutive day yesterday, ending up 6.78 per cent at Dh10.40. Last year, the stock dropped by 52.69 per cent. One UAE-based banker said the change was unexpected, but may not signal a dramatic shift in NBAD's management strategy. "It's a government bank, so whoever is in charge, he will probably follow the bank's same overall strategy," the banker said. Mr al Kindi remains chairman of Abu Dhabi Investment Company and a board member of the Abu Dhabi Investment Council, a sovereign wealth fund that owns 70.48 per cent of NBAD. * additional reporting by Travis Pantin mjalili@thenational.ae
