Bahrain SICO names new chief executive
Manama, March 25, 2014
Bahrain-based regional investment bank Securities & Investment Company (SICO) has appointed Najla Al Shirawi as its new chief executive after getting approval from the board and shareholders.
Al Shirawi replaces Anthony Mallis, who is retiring at the end of this month, reported the Gulf Daily News, our sister publication.
She joined SICO in 1997, and has held various posts including head of asset management and subsequently investments and treasury, before being appointed chief operating officer in 2006.
Congratulating Al Shirawi, SICO’s chairman Sheikh Abdulla bin Khalifa Al-Khalifa, highlighted Najla’s successful 16-year career with the bank.
An engineer by education, Najla joined the bank in 1997, and has held various posts including the head of asset management and subsequently investments and treasury, before being appointed chief operating officer in 2006.
In June last year, Al Shirawi was promoted to the post of deputy chief executive, it added.
"The board has confidence in Najla's ability to lead the bank in the next phase of its strategic evolution," said Sheikh Abdulla at SICO's annual general meeting held at the Golden Tulip Hotel yesterday.
"Net profit increased by 76 per cent to BD5.1 million, the highest since 2007, while assets under management grew by 39 per cent to a record BD317 million," Shaikh Abdulla told shareholders reviewing financials for last year.
"All business lines recorded robust growth and fee and commission-based income now accounts for 50 per cent of income. Shareholders approved payment of a cash dividend of BD3.2 million, which represents 7.5 per cent of paid-up capital," he added.
On her appointment, Al Shirawi said she was committed to build upon the excellent groundwork undertaken over the past years.-TradeArabia News Service