NAB exec moves to Gov Bank
(20 February 2009 – Australia) NAB Executive Director, Ahmed Fahour, has left the bank to become the CEO of the Federal Government's A$4 billion property financing vehicle, colloquially known as Rudd Bank.
Fahour was named CEO of the Australian Business Investment Partnership, set up by the Australia’s banks and the Federal Government to finance commercial properties projects.
The vehicle was set up to help to reduce the risk that comes from an sector with a large portion of funding from foreign banks, which amounts to A$45 billion or around 28.5 percent of total bank lending to the sector.
The partnership will have initial capital of A$4 billion, including half contributed from the Federal Government and the rest from the Australia banks.
At the helm of NAB’s Australian banking operations since 2004, Fahour shortly thereafter become an Executive Board Member.
Fahour was responsible for managing the Australian and Asian region which included NAB Retail, Business and Corporate Banking. He has also had oversight of MLC which included Retail Investments, Insurance and Wholesale Superannuation.
Fahour recently missed out in the selection process to become the next NAB CEO to Cameron Clyne, who subsequently merged his group CEO role with that of Fahour’s.
Fahour said in a statement he was leaving NAB after nearly five years because the job he was employed to do had been completed successfully.
The vehicle was set up to help to reduce the risk that comes from an sector with a large portion of funding from foreign banks, which amounts to A$45 billion or around 28.5 percent of total bank lending to the sector.
The partnership will have initial capital of A$4 billion, including half contributed from the Federal Government and the rest from the Australia banks.
At the helm of NAB’s Australian banking operations since 2004, Fahour shortly thereafter become an Executive Board Member.
Fahour was responsible for managing the Australian and Asian region which included NAB Retail, Business and Corporate Banking. He has also had oversight of MLC which included Retail Investments, Insurance and Wholesale Superannuation.
Fahour recently missed out in the selection process to become the next NAB CEO to Cameron Clyne, who subsequently merged his group CEO role with that of Fahour’s.
Fahour said in a statement he was leaving NAB after nearly five years because the job he was employed to do had been completed successfully.
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