National Bank of Kuwait (NBK), the country’s largest lender, announced that its board had elected Nasser Musaed Al-Sayer as the new chairman of the group.
He succeeds long-serving chairman Mohammad Abdul Rahman Al-Bahar, who died earlier this month.
Al-Sayer previously served as NBK’s vice chairman. He has also been a member in governmental bodies such as the Supreme Advisory Council and the Supreme Council for Economic Development and Reform and was a board member of the Kuwait Fund for Arab Economic Development. He remains a board member of the Kuwait Banking Association, which he chaired between 1999 and 2006.
The bank also appointed Ghassan Ahmed Saoud Al-Khalid as the new vice chairman, while reserve member Emad Mohammad Abdul Rahman Al-Bahar joined the board of directors.
“NBK will continue with its current strategy that was developed under the leadership of the late Mohammad Al-Bahar,” said Al-Sayer. “Al-Bahar was one of the founders of NBK in 1952. Since he joined the board of directors in 1959 and was appointed as chairman in 1993, he had played a major role in transforming the bank into one of the leading institutions in the Arab world.”