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ADIB boss Marar quits after shakeup

Abu Dhabi, September 2, 2007

Abu Dhabi Islamic Bank said on Sunday Ahmed Darwish Al-Marar had resigned as managing director after the lender named his successor.

The bank said last week that Khamis Buharoon, a former chief executive of Commercial Bank International, would take over as managing director.

Marar was also stepping down from the bank's board, the lender said in a statement on the stock exchange Web site.

With Buharoon's appointment, the bank named board member Ragheed Najib al-Shanti as acting chief executive, creating the job.

Abu Dhabi Islamic accepted a takeover bid by Emirates International Investment Co in March. Acting on a shareholder mandate, the board agreed to sell 2 billion dirhams ($544.5 million) of convertible Islamic bonds to Emirates International giving the company owned by the emirate's ruling family a stake of nearly 52 percent. - Reuters   




Tags: Abu Dhabi Islamic | shake-up | Emirates International Investment |

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