“Under the leadership of its new CEO, Sohail Sultan and his management team, significant progress has been made over the last eight months with the bank’s liquidity and capital positions restored,” the bank said.
“An ongoing restructuring strategy has delivered significant financial and operational restructuring across the group with the current focus now on repositioning TAIB as a strong regional bank via its established banking platforms in Bahrain, UAE, Turkey, India and Kazakhstan. This unique network now operates under a single unified structure and creates the foundations for significant growth across the MENA region for the group,” the bank added.
The bank’s statement added that the new board would provide valuable guidance to the management team during this next phase in TAIB’s evolution and represents the interests of major shareholders from the UAE and Saudi Arabia. It is also supported by three independent directors approved by the Central Bank of Bahrain.
Independent directors include Abdul Rahman Abdulla Mohamed, an experienced banker and former senior executive of the National Bank of Bahrain.
Abdulaziz Ahmed Abdulmalik, an experienced banker and former senior executive of Bahrain based BMB Investment Bank.
Adel A. AlMannai, an experienced banker and senior executive of the Bahrain Branch of the Arab Investment Company.
Nonexecutive Directors include Srinivasan Sridharan, a senior executive of Dubai Group representing the interests of Dubai Financial Group. Ramzi K. Y. Abukhadra, a senior partner of Gulfmerger representing the interests of Saudi based Abdulaziz AlRashid. Avinash Pangarkar, a senior executive of Dubai Holding representing the interests of Dubai Financial Group.
“I am delighted to announce these appointments, which bring a wealth of business and financial experience to the group as we focus on growing TAIB across the MENA region. In addition, as we represent a significant Saudi client base, our Saudi Board representation will enable the group to develop even closer ties with this market as we deliver new and improved wealth and asset management, treasury, risk and brokerage services. I look forward to reporting further progress in due course,” Sohail Sultan, TAIB’s CEO, said.