* Tomalin remains non-executive director
* NBAD aims to grow profit, assets four-fold by 2021
* Eyeing new international markets
By Stanley Carvalho
ABU DHABI, March 13 The chief executive
officer of National Bank of Abu Dhabi, Michael
Tomalin, will retire from the post in a few months and a search
is underway for his successor, the bank's chairman announced on
Tomalin, a former chief executive of Barclays Global Private
Banking, has been with the bank as CEO for the last 13 years and
will remain in a non-executive director's role.
"The bank has commissioned a professional search for
Tomalin's successor which was likely to take a few months,"
Nasser al Sowaidi told the bank's annual general meeting.
NBAD, the largest lender in the United Arab Emirates by
market capitalization is aiming to grow its profit and assets
about four-fold over the next decade as it expands its business
and reach, Tomalin later told reporters.
The bank expects net profit to touch 16 billion dirhams ($
4.35 billion) and assets to reach around one trillion dirhams by
2021, he said.
"Over the last 10 years the bank increased its profits and
assets over many new businesses. It will be similar going
forward, expansion on many fronts and we will benefit from the
growth of Abu Dhabi," he said.
By then, the bank should be among the top 100 banks
globally, he added.
The bank made a net profit of 3.70 billion dirhams in 2011
and had assets totaling 256 billion dirhams.
NBAD is eyeing expansion into several new markets globally
over the next 10 years including Australia, South Africa,
Canada, Brazil, India and Indonesia.
"Those are the markets we are considering to intermediate
trade and flows between the Middle East and those markets," he
said, adding the bank is looking at opening wholesale offices
rather than branches.
The AGM approved 30 percent cash dividends and 35 percent
bonus shares to shareholders.
Abu Dhabi is investing billions of dollars in industry,
tourism and infrastructure to diversify its economy away from
(Reporting By Stanley Carvalho; Editing by Elaine Hardcastle)