EEMEA round up: Knox leaves ADCB
Eirvin Knox, chief executive of Abu Dhabi Commercial Bank, has resigned. He will be replaced by his deputy, Ala’a Eraiqat. The resignation came as ADCB’s profits for 2008 fell 35% from 2007 to Dh1.36 billion ($370 million). The bank took loan provisions of Dh758 million and investment provisions of nearly Dh740 million.
The Abu Dhabi government announced a recapitalization programme of Dh16 billion for banks in Abu Dhabi, including ADCB.