ABC president to step down in July
Manama, February 7, 2013
Arab Banking Corporation (ABC) has announced that Hassan Ali Juma is retiring as president and chief executive of ABC, effective July.
Juma has played the role since April 2008.
The board of directors praised the contribution of Juma in leading ABC out of the financial crisis of 2008, and the role he played in achieving four successive years of strong profitability, strengthening the balance sheet and funding position of ABC, and stabilising the bank at a time of unusual unrest in a number of its core markets.
A board search campaign will now commence to identify a suitably qualified candidate to take over upon his retirement, a statement from the company said.
Following the annual general meeting of ABC scheduled for end of March, Juma will hand over his day-to-day management responsibilities to Dr Khaled Kawan, ABC’s group deputy chief executive in order to ensure a smooth transition and continuity until a permanent replacement is appointed.
“I have been associated with ABC since 1994 when I joined ABC’s board as an independent director and, since 2008, as president and chief executive,” Juma said. “During this time, ABC has been very profitable and successfully navigated a number of tumultuous events, including the international financial/banking crisis and the Arab Spring, and I believe that this is due to the strong management team that ABC has developed over recent years.” – TradeArabia News Service