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Fahour quits NAB to head $4bn Rudd commercial property fund
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By a staff reporter

One-time National Australia Bank Ltd CEO-hopeful, Ahmed Fahour, has quit the bank after five years to head the federal government's commercial property sector support fund.

Mr Fahour will become interim chief executive of the Australian Business Investment Partnership (ABIP), as had been widely speculated.

The ABIP will be set up to provide help maintain the liquidity of the commercial property sector in Australia, providing support to viable commercial property assets in Australia, Federal Treasurer Wayne Swan said in a statement.

The partnership between the government and the private sector, will help refinance successful commercial property companies threatened by the withdrawal of foreign banks and frozen capital markets.

"ABIP will support the assets of viable Australian businesses, which, without financing, would be forced to retrench thousands of employees," Mr Swan said.

Mr Swan said further details about the structure and governance of the fund would be made shortly.

Mr Fahour, who was once touted as a future chief executive of NAB and announced his departure earlier on Friday, said he was honoured to take up the role and felt a great sense of pride and achievement from his time with the bank.

He said the Australian financial services system led the world.

"We can be grateful for the appropriate regulatory framework that binds the financial services sector's day to day activity," Mr Fahour said.

NAB said in a statement the executive director would cease to be on the board and the company's group executive committee with effect from today, February 20.

"Ahmed has transformed the NAB's business in the Australian region. He initiated and carried out a program of change which has been of great benefit to all stakeholders," chairman Michael Chaney said.

Chief executive Cameron Clyne, appointed to the role last year, said Mr Fahour had left the Australian business in "excellent shape and well positioned to meet the challenges inherent in the global economy."

Mr Fahour joined the bank in September 2004 as chief executive Australia, and then become an executive board member.

To read the full text, unedited statement by NAB, please click here.