National Bank of Abu Dhabi group CEO steps down

National Bank of Abu Dhabi’s (NBAD) group CEO Alex Thursby has stepped down after over three years in the role, in a wider management shakeup ahead of the lender’s proposed merger with First Gulf Bank (FGB).

Abhijit Choudhury, NBAD’s group chief risk officer, has been appointed as acting chief executive with immediate effect, NBAD said in a statement on Monday.

“NBAD approaches the merger with FGB in a strong financial and risk position. I am confident Abhijit Choudhury will lead the bank successfully through the integration planning process in the coming months," said Nasser Ahmed Alsowaidi, NBAD chairman.

Choudhury will work with deputy group CEO Abdulla MS Abdul Raheem to lead the bank until the completion of the merger with FGB, scheduled for the first quarter of next year.

Abdulhamid M. Saeed, FGB’s current managing director, was announced last month as CEO designate of NBAD. He is due to take up the position when the merger is complete, the statement said.