MONDAY JANUARY 10: 'No plan to sell or merge Bank Alfalah': Abu Dhabi Group names new management team

KARACHI: The Abu Dhabi Group has announced that there is no intention to merge or to sell Bank Alfalah at this time. The chairman of Abu Dhabi Group, Sheikh Nahayan Mabarak Al Nahayan, has announced the appointment of a new management team for the Group's extensive investment in Pakistan.
According to a statement released on Sunday, Sheikh Nahayan has announced the appointment of Zouhair A Khaliq to serve as Executive Director and represent the Group on the boards of Warid Telecom, Wateen and Wincom, while Naeem Zamindar will hold the position as CEO of Wateen.
Both Zouhair and Naeem are visionaries, and competent executives, and are highly qualified. "Each will continue our Group's strong commitment to the Pakistani market and the people of Pakistan. They lead our efforts to enhance our operations and improve our organisational effectiveness. For us, at the Abu Dhabi Group these new business leaders represent the next generation of senior executives whose focus will be on setting corporate strategies and policies, providing exceptional service to our customers and creating value for our shareholders in times of constant change", the statement said.
"Their leadership will move our companies boldly into the future as an important part of the Pakistani economy", it added. "I take this opportunity to reaffirm our commitment to all my investments, the employees and all customers in Pakistan to make all Group companies among the fine institutions", Sheikh Nahayan said, adding: "Let me reaffirm as well that there is no intention to merge or to sell Bank Alfalah at this time."
"In this new year of 2011, our goal is to continue to improve our businesses in Pakistan, in order to strengthen and broaden our ability to serve our customers and compete successfully in the market place", he said.
"Our Group is committed to providing the resources necessary for the highest quality of operations. By these appointments today we renew our commitment to the people of Pakistan that we will honour their trust with continued hard work and dedication", Sheikh Nahayan added.
"The Abu Dhabi Group and I have been doing business in Pakistan for many years and we look forward to being here for many years to come. We value greatly the excellent co-operation we have from our Pakistani brothers and sisters. We are inspired by the warmth, good will and collaboration we receive at every level. We are proud of our accomplishments and for the reputation we have earned", he said.
"We will also continue with our active participation in the important educational, cultural and social initiatives in the communities we serve. We are proud of our relationship with the people of Pakistan and are committed to being a model of responsible corporate behaviour in this wonderful country", Sheikh Nahayan added.
"The appointment of these new businesses leaders today further expresses great confidence in our vision, in our strategies and in our plans for the near future of our participation in the Pakistani economy. We are confident in our ability, God willing, to make this intended future reality", Sheikh Nahayan said.
"I extend my thanks and appreciation to all our customers for their trust and support and to all our employees for their outstanding work and their loyalty. I am confident that all of us will continue to work together to realise the great potential of our companies in the service of the people of Pakistan", he concluded.-PR