Arab Banking Corp names new chairman
Manama, December 28, 2011
Bahrain-based Arab Banking Corporation (ABC) has announced the appointment of Central Bank of Libya governor Saddek El Kaber as chairman of its board.
El Kaber, prior to his appointment as the Central Bank of Libya governor in September, was the deputy chief executive Officer of ABC's wholly-owned subsidiary in the UK, ABC International Bank.
ABC also announced the appointment of Dr Khaled Kagigi and Sami Rais as new directors.
Dr Kagigi is the executive director for the central banking operations at the Central Bank of Libya, having previously been a professor of accounting at Garyounis University, Libya.
Dr Kagigi has also previously held a number of senior positions at various Libyan financial institutions.
Dr Kagigi is currently a member of the board of directors of British Arab Commercial Bank in the UK.
Rais is the executive director of the Financial and Monetary Stability Group at the Central Bank of Libya, having previously held a number of senior positions at various Libyan and overseas financial institutions.
He is currently a member of the board of directors of Libyan Foreign Bank.
Mohammed Layas, Mr Mohammed Shokri and Dr Mohammed Abusneina have left the ABC board.
"As ABC is majority-owned by the Central Bank of Libya, the last 11 months have been a challenging period for the ABC Group as a result of the civil unrest in Libya, and the imposition of international sanctions against Libya," ABC president and chief executive Hassan Juma said.
"Notwithstanding these significant headwinds over the course of 2011, the fact that ABC approaches 2012 with a very strong capital base and excellent liquidity is testament to the resilience of ABC's business model and its prudent management.
"The group, having a presence in Egypt, Lebanon, Jordan, Libya, Tunisia and Algeria, is well placed to take advantage of the much improved political landscape across the North Africa region and I look forward to working with ABC's reconstituted board of directors in ensuring the continued success of the group," he added. – TradeArabia News Service