First #AbuDhabi Bank Revamps Structure to Target Gulf Dominance - Bloomberg

First Abu Dhabi Bank Revamps Structure to Target Gulf Dominance - Bloomberg

First Abu Dhabi Bank PJSC is pursuing a sweeping internal reorganization, the latest effort under chief executive Hana Al Rostamani to position the lender as the Gulf region’s leading financial franchise.

As part of the overhaul, the bank will have four major business lines: investment banking and markets; wholesale banking; personal, wealth and business banking; and international banking, Al Rostamani said in a memo to staff seen by Bloomberg News.

The organizational changes are aimed at delivering “optimised returns to our shareholders by building the strongest franchise in financial services and advisory capability across the region,” Al Rostamani said.

A representative for the bank didn’t immediately respond to a request for comment.

FAB is the biggest bank in the United Arab Emirates and the largest conduit of Abu Dhabi’s petro-dollars into the domestic economy. Partly owned by sovereign wealth fund Mubadala Investment Co., it once considered an audacious bid for Standard Chartered Plc in a sign of the region’s growing financial heft.

In recent years, Al Rostamani has overhauled her top management on multiple occasions, repeatedly bringing in managers from international banks. The bank also lost key executives in that period.

As part of the changes announced on Wednesday, former HSBC Holdings Plc executive Martin Tricaud will lead the wholesale banking division. Another top banker, Sara Al-Binali will step down from her role as head of corporate and commercial banking with a new post to be announced soon, according to the memo.

The heads of investment banking and the international operations also have yet to be disclosed. FAB recently hired two former Citigroup Inc. veterans, Bloomberg News has reported.

Most Gulf markets fall on trade war fears | Reuters

Most Gulf markets fall on trade war fears | Reuters

Most stock markets in the Gulf ended lower on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China fuelled global trade war concerns.

U.S. President Donald Trump's 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with new duties on Chinese goods, sparking fears of a trade wars.

In response, China and Canada imposed their own tariffs on various U.S. products, while Mexico announced that it would reveal its countermeasures on Sunday.

Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.3%, hit by a 1.3% fall in oil giant Saudi Aramco (2222.SE), opens new tab, extending losses from the previous session when the firm reported a drop in annual profit and signalled it will slash its dividend payouts by nearly a third this year to $85.4 billion.

The significantly reduced dividends could also result in fewer funds for the kingdom - which directly owns 81.5% of Aramco - and is in a race to complete several large-scale projects and potentially faces a wider budget deficit.

Elsewhere, Dallah Healthcare Company (4004.SE), opens new tab slid , despite reporting a rise in annual profit.

Dubai's main share index (.DFMGI), opens new tab finished 0.8% lower, weighed down by a 3.7% slide in top lender Emirates NBD (ENBD.DU), opens new tab, as the bank traded ex-dividend.

Among other losers, blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 1.1% and toll operator Salik (SALIK.DU), opens new tab was down 0.6%.

In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.4% lower, with petrochemical firm Borouge (BOROUGE.AD), opens new tab tumbling 6%, a day after the announcement of its merger with Borealis to form the world's fourth largest polyolefins firm by production capacity.

The Qatari index (.QSI), opens new tab, however, gained 0.2%, helped by a 2.1% rise in Qatar Gas Transport (QGTS.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.4%, with Commercial International Bank (COMI.CA), opens new tab rising 1.6%.