ABC Bank International plc (ABCIB), the London-based subsidiary of Bahrain-headquartered Arab Banking Corporation announced changes to its Board of Directors:
- Mr. Stanislas M. Yassukovich CBE, the Deputy Chairman of the Bank since incorporation 16 years ago has decided to retire from the Board. He has been replaced by Mr. Terence J. Stone OBE, currently a non-executive director and Chairman of the Audit Committee, as Deputy Chairman.
- Mr. Nofal S. Barbar, Chief Executive Officer, as Chief Executive Officer & Managing Director
- Mr. David Carse OBE, as a non-executive Director
Mr. Carse, who is new to the bank and the Board, has had a distinguished career and wide experience in banking and regulatory supervision in the financial industry. He was most recently Director General of the Jersey Financial Services Commission and formerly a Member of the International Advisory Council of the China Banking Regulatory Commission as well as Deputy Chief Executive of the Hong Kong Monetary Authority, following a senior position at the Bank of England.
Following the appointments, Mr. Farhat Ekdara, Chairman, stated, “The bank and the ABC Group is grateful to Mr. Yassukovich for his valuable contribution to the Board and wishes him well for the future.” Mr. Ekdara emphasised his confidence in the new appointments to the Board and expressed his optimism on the future opportunities for the bank.
Meanwhile, Mr. Nofal Barbar, CEO and Managing Director, added: “Despite strong competition in our market, ABC International Bank has increased its client base and market-share between Europe and the MENA region. The bank ended 2006 with a healthy 17% increase in net profit after taxation of £18.3 million compared to £16.2 million in 2005.
“ABCIB is well placed in 2007 to exploit the considerable opportunities that exist in the MENA region. It therefore anticipates growth in all sectors particularly in Project Finance, Islamic Banking services and Treasury business.”
About ABC International Bank plc
ABC International Bank is recognised as a pioneer provider of finance for Europe, the MENA region and the GCC.
The bank’s business is carried out through its branches in London, Paris, Frankfurt and Milan, marketing offices in Rossendale (in the North of England) and Stockholm as well as representative offices in Istanbul and Madrid.