UAE’s FAB Plans Changes to Grow Its Business in the Gulf. Here’s What We Know
First Abu Dhabi Bank (FAB) will reorganize its business into four parts to grow in the Gulf region and increase profits for its investors, a news report said on Thursday.
FAB Overhaul
FAB is making big changes. It plans to hire Linos Lekkas, a former Citi dealmaker, as the new head of investment banking, according to Reuters.
The bank will reduce its divisions from five to four:
- Investment banking and markets
- Wholesale banking
- International banking
- Personal, wealth, and business banking
Martin Tricaud, the current head of investment banking, will now lead the wholesale banking division, sources say. These sources chose to stay anonymous because they are not allowed to speak to the media.
FAB’s biggest shareholder is Abu Dhabi’s wealth fund, Mubadala, which owns about 40% of the bank.
Leadership Changes
FAB, the UAE’s largest bank, is making these changes to grow faster under CEO Hana Al Rostamani. The bank has seen several senior leaders leave in recent years.
Since Al Rostamani became CEO in 2021, many top executives have left. In January, Reuters reported that Sameh Al Qubaisi (head of global markets) and Suhail Bin Tarraf (chief operating officer) were preparing to leave.
Eric Shehadeh, who joined as head of mergers and acquisitions in mid-2023, also left within a year.
Financial Performance
FAB, the UAE’s biggest bank by market value and assets, made a net profit of $1.14 billion (AED 4.2 billion) in the fourth quarter, up 4% from last year. This was higher than analysts’ predictions of $1.09 billion (AED 4 billion), according to LSEG data.
For the whole of 2024, FAB’s net profit rose 4% to $4.6 billion (AED 17.1 billion). This increase came despite higher impairment costs, as operating income grew. Analysts had expected a profit of $4.4 billion (AED 16.2 billion).
Published: 7th March 2025
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