TAIB Bank appoints new board
Manama, August 21, 2011
Bahrain-based TAIB Bank has appointed a new board during the recently held shareholder general meeting.
Under its new CEO, Sohail Sultan and his management team, significant progress has been made over the last eight months with the bank’s liquidity and capital positions restored, a statement said.
An ongoing restructuring strategy has delivered significant financial and operational restructuring across the group with the current focus now on repositioning TAIB as a strong regional bank via its established banking platforms in Bahrain, UAE, Turkey, India and Kazakhstan.
This network now operates under a single unified structure and creates the foundations for significant growth across the Mena region for the group.
The new board will provide valuable guidance to the management team during this next phase in TAIB’s evolution and represents the interests of major shareholders from the UAE and Saudi Arabia.
It is also supported by three independent directors approved by the Central Bank of Bahrain.
“I am delighted to announce these appointments, which bring a wealth of business and financial experience to the group as we focus on growing TAIB across the Mena region,” said Sultan.
“In addition, as we represent a significant Saudi client base, our Saudi board representation will enable the group to develop even closer ties with this market as we deliver new and improved wealth and asset management, treasury, risk and brokerage services. I look forward to reporting further progress in due course,” he added. – TradeArabia News Service
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson