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Manama, July 15, 2007

First Leasing Bank (FLB) announced the appointment of Jassim Awadh as business development director.

The new official will be responsible for pursuing the bank’s aggressive expansion strategy.

First Leasing Bank is pioneering the Gulf’s rapidly growing market for equipment leasing and contributing significantly to regional economic development.

“Coming to the bank with both an engineering and a banking background, Jassim is ideally suited to our line of business, which requires a strong understanding of finance and the technical know-how necessary to deal with the needs of a wide range of industries and capital assets,” said FLB chief executive officer James A Cracco.

“He will play a pivotal role in guiding our sales and marketing team and expanding into new markets and equipment classes.”

Awadh has held key positions at several major banks, including that of vice-president with Gulf International Bank (GIB), where he was also assigned the task of developing new relationships within the GCC region.

He was also a corporate banking manager at BBK, an investment manager at Calyon and an Area Manager with Citibank (Bahrain).

Before entering the banking industry Awadh held engineering positions at Batelco and Bapco.

Awadh has an MBA and an MSc in Electronic Engineering, both from the University of Wales in Cardiff.

He also holds a BSc with honors in Electrical and Electronic Engineering from Newcastle upon Tyne.

“I eagerly await the many challenges that my new position will bring. Since we are virtually creating a new industry in the region, there will undoubtedly be many exciting opportunities and interesting challenges,” said Awadh.

“FLB is a dynamic and fast-growing bank with a bright future in an accelerating market. I look forward to playing an important role in this unique institution,” he added.

Established in August 2004, FLB has a paid-up capital of $100 million, and is the first bank in the GCC dedicated to the introduction and expansion of equipment leasing throughout the region.

FLB, an affiliate of Ithmaar Bank, provides finance and operating leases for most asset classes, including industrial, manufacturing, medical, printing and publishing, construction, telecommunications, IT, transportation and marine. TradeArabia News Service




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