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NBK group CEO to step down

Kuwait, December 18, 2013

National Bank of kuwait, the country's leading lender, said on Wednesday that its group chief executive officer Ibrahim Dabdoub will step down from his role following the next General Assembly Meeting.

Dabdoub will however, continue to serve the bank as an advisor to the board of directors, said the NBK in its statement.

Dabdoub had joined NBK in 1961 soon after his graduation and has never served elsewhere during his career life. He joined the bank as a junior officer and advanced through the years in different positions till becoming CEO in 1983

Announcing the retirement, Group chairman Mohammad Abdul Rahman Al-Bahar said, "Dabdoub’s successful career at NBK extends to over 53 years during which he has successfully led the bank to become one of the leading financial institutions in the Middle East with operations in 16 countries."

Al-Bahar extended the board’s appreciation for Dabdoub’s contribution to NBK’s success during his 30-year tenure as the Group CEO transforming the bank into a well-established regional institution.

“Dabdoub had over the years served NBK unconditionally, devoting his life to build a well-recognized organization, both domestically and internationally, with total assets exceeding $60 billion," he stated.

"During his tenure, Dabdoub led the Group through good and bad times generating strong growth and returns for shareholders. This has earned the bank its ranking among the world’s safest banks for several consecutive years and became top-rated among emerging markets banks," he added.

NBK’s profits grew from KD20 million in 1983, when Dabdoub was appointed as CEO to more than KD305 million in 2012. During that tenor, the bank distributed cash dividends worth more than KD2 billion in addition to more than KD320 million of shares.

Al-Bahar recalled Dabdoub’s role in leading NBK through two major crises - the stock market crash in 1982 and the Iraqi occupation in 1990.

"NBK was the only Kuwaiti bank that survived the 1982 stock market crash while remaining intact. During the 1990 Iraqi occupation, NBK continued to fully operate out of its London branch, a precedent in the financial industry throughout history," he added.

On his retirement, Dabdoub said “I am leaving NBK in the safest hands and I hope all the success to the new management team as well as to all NBK staff.”

Dabdoub lauded the dedication and commitment of all his colleagues and staff members in their contribution to the Group’s success and in supporting him to accomplish all these achievements.

"NBK’s achievements over the years are mainly a result of the group’s clear strategic direction, its institutional framework and conservative approach to management," he added..-TradeArabia News Service




Tags: National Bank of Kuwait | meeting | retirement |

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