Qatar-based investment bank QInvest said on Thursday it has appointed Tamim Hamad Al-Kawari as its chief executive officer.

Kawari will replace Shahzad Shahbaz who has resigned with immediate effect, the company said in an e-mailed statement. Shahbaz will continue with the bank for an unspecified transition period, it added.

Kawari was QInvest's deputy CEO and prior to that served as Goldman Sachs' country head for Qatar.

Last month, QInvest completed a deal with EFG Hermes where the Egyptian investment bank would hive off its investment banking business to create a joint venture in which the Qatari bank would control 60 per cent.-Reuters