Manama, Bahrain: Arab Banking Corporation (ABC), the Arab international bank based in Bahrain, today announced that Mr. Ghazi M. Abdul-Jawad, President & Chief Executive for the last 11 years, will be retiring early for health reasons effective 31 March, 2008.
ABC pays tribute to Mr. Abdul-Jawad for the substantial contribution he made during his tenure. Under his leadership, ABC witnessed a remarkable strengthening of its financial position, profitability and footprint.
A number of internal and external candidates were considered for the position, and ABC’s Board is pleased to announce the appointment of Mr. Hassan Ali Juma as President & Chief Executive of the ABC Group, effective 1 April, 2008.
Mr. Juma, a Bahraini citizen, is a veteran seasoned banker, and has held a number of leading directorships in the region. He has been the Managing Director of National Bank of Bahrain for the past two decades. Mr. Juma brings a wealth of experience through his past and present associations and experience in the region. Mr. Juma is no stranger to ABC, as his association with the ABC Group started in 1994 when he became a non executive independent director of its Board representing minority shareholders. He has also subsequently served as director of ABC’s flagship subsidiary in London, ABC International Bank plc. The Board looks forward to Mr. Juma’s future involvement, building on the achievements of his predecessor to lead the ABC Group forward into the next phase of its development.
Mr. Mohammed Layas, Chairman of the Board of Directors commented, “While we are sad to see Ghazi retire early for health reasons, we are pleased that Hassan is joining ABC as President & Chief Executive. He brings the right combination of banking experience, market knowledge and understanding of ABC’s challenges. The Board is grateful to Ghazi for the excellent job well done, and wishes him a speedy recovery.”
Mr. Ghazi M. Abdul-Jawad remarked, “After more than 25 years spent as Chief Executive Officer at ABC and other prominent regional financial institutions, it is time to step away from heavy demands. My time at ABC has been challenging, and I enjoyed every moment of it. ABC made huge strides in recent years, and has paved the way for even better prospects for the future. I have total confidence in the outstanding senior management team at ABC, under the able hands of my successor, to lead ABC towards greater achievements ahead.”
Mr. Hassan Juma said, “I am honoured and pleased to be taking over the leadership of this great Bank. I also look forward to working with the existing senior management, who have done a superb job over the years in bringing ABC to where it is today.”