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DBS Islamic bank chief quits

Singapore, December 17, 2009

Islamic Bank of Asia (IBA), a unit of Southeast Asia's largest bank DBS Group, on Thursday said its chief executive has resigned. The DBS group has a total exposure of about $1.28 billion to Dubai.

'We confirm that Vince Cook, CEO of Islamic Bank of Asia, has resigned from the bank for personal reasons. His last day is December 18, 2009,' an IBA spokeswoman said in response to a Reuters query.

'IBA has no exposure to Dubai World and Nakheel, and the shareholders remain committed to growing the business,' she added.

State-owned conglomerate Dubai World its property arm Nakheel shocked global markets last month by asking lenders to agree a standstill on billions of dollars in debt.

The IBA, which currently operates out of offices in Singapore and Bahrain, said it was committed to growing its Islamic banking business.

IBA was set up in 2007 by DBS and a group of Middle Eastern investors to provide Islamic banking services to customers in Asia and the Middle East. DBS owns 50 per cent plus one share of IBA, whose board of directors is headed by Abdulla Hasan Saif, adviser for economic affairs to the prime minister of Bahrain.

Cook had previously worked as general manager for corporate banking and capital markets at Qatar National Bank, and was managing director for the Gulf region at Barclays Capital from 1998 to 2003.

A banking source told Reuters that Cook planned to join a bank in Qatar, which the IBA spokeswoman said she could not confirm.

IBA said that following Cook's resignation, Tan Jeh Wuan, the Islamic bank's managing director for corporate banking and capital markets, will be responsible for day-to-day operations.

Eric Ang, DBS's head of capital markets and an IBA director, will provide oversight of the Islamic bank's business.-Reuters




Tags: DBS | chief | Islamic Bank of Asia |

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