2015-08-10

NBAD makes executive changes

NBAD created the renewable energy division this year as it seeks to play a role in the development and financing of low carbon sources of power

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National Bank of Abu Dhabi (NBAD) appointed Frank Beckers as head of project finance advisory and Nathan Weatherstone head of its renewable energy unit, according to a spokeswoman for the bank.

Mr Beckers was previously a senior adviser at McKinsey & Co. and global co-head of project and capital advisory at Deutsche Bank, according to his LinkedIn profile. Mr Weatherstone was previously head of project finance advisory at the Abu Dhabi-based lender.

"The bank’s project finance advisory unit is working with HSBC to help raise $5 billion to develop a chemicals plant in Abu Dhabi, two people with knowledge of the matter told Bloomberg in July."



NBAD created the renewable energy division this year as it seeks to play a role in the development and financing of low carbon sources of power. More than half of the US$48 trillion of investment required over the next 20 years to meet global power demand will be in renewables, according to a report the bank released in March. Energy demand in the Arabian Gulf region will triple in the next 15 years, the report said.

The bank’s project finance advisory unit is working with HSBC to help raise $5 billion to develop a chemicals plant in Abu Dhabi, two people with knowledge of the matter told Bloomberg in July.

Original Link: http://www.thenational.ae/business/banking/nbad-makes-executive-changes

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2015-08-10