MANAMA, Bahrain, June 13, 2011 /PRNewswire/ --
TAIB Bank is delighted to announce that its management team, appointed in December 2010 to begin a significant restructuring of the bank, has been officially approved by the Central Bank of Bahrain as permanent appointments.
Sohail Sultan, TAIB's new Chief Executive Officer, has over 20 years of banking and finance experience and has held senior executive positions within both Citibank and Barclays Capital during his career. He has been involved in building asset and non asset based finance businesses as well as structured capital markets capability across North America, Asia, the Far East and Europe, encompassing all aspects of structured finance, credit and risk management.
Mr. S. K. Husain has been appointed as Chief Operating Officer and has over 30 years of diverse financial services experience having worked in private and publicly listed businesses at Board level across Europe, South Asia and the Middle East with a core expertise in the creation, acquisition and disposal of businesses. Until recently he was the Chief Financial Officer of Dubai Group, a diversified investment company.
To complete TAIB's new management team, Mr. Shehryar Hamid has been appointed as Treasurer. Shehryar is an experienced capital markets and treasury banker, having had exposure to a wide variety of asset classes with a first hand experience of asset/ liability management. He comes from Dubai Group where he was Head of Treasury and Capital Markets, Prior to that he worked as the Director of Fixed Income & Derivatives at Mashreq Bank and before that at BNP and SAMBA.
Sohail Sultan, TAIB's CEO commented:
"The past 6 months have been a challenging period, as the new management team with the support of the Central Bank of Bahrain and its principal shareholders have embarked on a wholesale restructuring of the Bank."
"This has entailed addressing the Bank's historic problem assets stabilising its liquidity position, restoring its capital to the regularity requirement while in parallel repositioning the Bank for its future course and direction, in order to return it to sustainable profitability over the long term. With a new focus on building and integrating its historic operations and geographic footprint across the Middle East, North Africa, South Asia and Turkey/Central Asia, the Bank proposes to position itself in time as a major intermediator of capital flows across this region, as it rebuilds its Asset Management, Investment Banking and Sharia Compliant Wealth Management capability"
TAIB Bank B.S.C. (c ) , a Bahrain based bank, was established in 1979 and is regulated by the Central Bank of Bahrain. It listed on the Bahrain Stock Exchange in 1994.
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SOURCE TAIB Bank