- Thursby leaves after more than three years in the role
- Executive had said he’d leave after FGB merger completed
Alex Thursby stepped down early as group chief executive officer of National Bank of Abu Dhabi PJSC as the lender works on a planned merger with First Gulf Bank PJSC.
Thursby’s departure comes after more than three years in the role, state-controlled NBAD said in a statement to the Abu Dhabi bourse on Monday, without giving a reason for the decision. Abhjit Choudhury, NBAD’s group chief risk officer, takes over as acting CEO with immediate effect.
NBAD said in July it plans to combine with rival Abu Dhabi’s First Gulf Bank PJSC in a deal that will create a regional powerhouse with $175 billion of assets. The CEOs of both the banks were to continue until the merger was completed in the first quarter of 2017, after which FGB managing director Abdulhamid Saeed is slated to become the new CEO.
Choudhury will work closely with Deputy Group CEO Abdulla MS Abdul Raheem to lead the bank until the merger’s completion, according to the statement. Khalifa Sultan Al Suwaidi, a member of NBAD’s board of directors, will take on the newly created position of managing director to support the bank through the integration planning process.
Thursby joined in 2013 from Australia & New Zealand Banking Group Ltd. He said on a conference call last month that he would leave the bank after the merger with FGB was completed.