The board of directors of the Union National Bank (UNB), headed by Nahyan bin Mubarak Al Nahyan, has reduced the membership of its Egyptian branch’s board of directors to seven members, after the membership of Ihab El Sewerky was terminated. El Sewerky was the executive chairperson and managing director of the bank in Egypt.
According to the bank’s statement to the Egyptian Exchange (EGX), the position of Mohammad Nasr Abdeen will be changed from a non-executive vice chairperson to an executive chairperson and managing director. The changes would take place after the necessary measures with the Central Bank of Egypt (CBE) are completed.
The bank’s board of directors currently includes Nahyan bin Mubarak Al Nahyan as chairperson, Mohammad Nasr Abdeen as vice chairperson and managing director, Mohamed Dhaen Al Hamli as vice chairperson, Yousef Abdulaziz Al Harmoodi, Mohammad Ali Al Khawaja, Ahmed Jasim Al Zaabi, Mohamed Tawfik Ezz Eldin, and Mohamed Moustafa Abdel Atty as members of the board.
The two general assemblies of the Abu Dhabi Commercial bank (ADCB) and the UNB approved in their meeting last Thursday, the merging process of the two banks and the acquisition of Al Hilal Bank to establish a new national bank with total assets of AED 423bn (about $115bn).
Implementing the merging process will start on May 2019 under the name and logo of ADCB, while the UNB will be dismantled.
The UNB has not issued any reports regarding the fate of its branch in Egypt until now.