People / Sultan Bin Nasser Al-Suwaidi
Sultan Bin Nasser Al-SuwaidiGovernor of the Central bank of the UAE
Mr. Sultan Bin Nasser Al-Suwaidi was born in Abu Dhabi in 1953. He graduated with a BS degree in Business Administration and Finance, and began his career at the Finance and Administration Department of the Abu Dhabi Investment Authority (ADIA) in 1978. Among his other duties at ADIA, Mr. Al-Suwaidi was tasked with supervising the Cash Management Division (the dealing room) and the Accounting Division. Mr. Al-Suwaidi also represented ADIA on the Boards of various banks and financial institutions, and attended many specialized seminars and workshops.
In 1982, Mr. Al-Suwaidi moved to the Abu Dhabi Investment Company (ADIC), where he served as General Manager. His mandate was to restructure the Company and streamline its operations.
In early 1984, Mr. Al-Suwaidi was appointed General Manager of the Gulf International Bank (Bahrain). At GIB Mr. Al-Suwaidi refocused the strategy of the Bank towards business within the region.
In late 1985, Mr. Al-Suwaidi was offered the position of Managing Director and CEO of Abu Dhabi Commercial Bank (ADCB), a bank which was founded by merging three local banks that had run into financial difficulties. Mr. Al-SuwaidiвЂ™s mandate was to implement the merger, structure the new bankвЂ™s business plan and run its day-to-day affairs. The bank was able to reduce costs, increase revenue, and make a modest profit in the first year after the merger.
At the end of 1991, Mr. Al-Suwaidi was nominated for the position of Governor of the Central bank of the UAE. His nomination was successful and he joined the Central bank of the UAE as Governor on December 18, 1991. At the Central bank Mr. Al-Suwaidi was able to introduce and modernize many banking regulations. He also emphasized the roles of Banking Supervision/Examination and Information Technology (IT). As a result, a strong, well staffed Banking Supervision/Examination Department and an Innovative IT Division have emerged.
In 1994 Mr. Al-Suwaidi helped to establish UAE Switch which began operations in 1996, connecting all bank ATMs in the UAE. He also supported the establishment of an automated Cheque Clearing System for UAE banks.
Today, the Central Bank is in the process of implementing a variety of new initiatives such as the Image Cheque Clearing System, the Mobile Phone Payment System and Basel II, and Mr. Al-Suwaidi is instrumental in the realization of these initiatives.
In 2006 Mr. Al-Suwaidi was named Central Bank Governor of the Year for the Middle East by Emerging Markets, at a ceremony held during the IMF/WB meetings in Singapore.
He was listed on wwww.arabianbusiness.com Power 500 (Rank #54)