March 13, 2012 / 5:00 PM / 6 years ago

UPDATE 1-NBAD CEO to retire, search begins for successor

* 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 (Reuters) - 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 Tuesday.

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 oil. (Reporting By Stanley Carvalho; Editing by Elaine Hardcastle)

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