He has been a Director since 1996, and Chairman of the Board from 1999. Shaikh Mohammed represented Social Insurance Organisation (SIO) on SICO’s board and with his new assignment as Batelco Group CEO; he will be replaced by another member of the SIO.
The board of directors accepted the resignation of Sheikh Mohammed bin Isa Al Khalifa and paid a tribute to his invaluable contribution to the development of SICO over the past 15 years, during which time it has emerged as one of the GCC’s premier investment banks.
As Chairman, the bank in a statement said, he has been an instrumental force behind the call for the diversification of the firm’s activities from a domestic-based brokerage house to a regional provider of specialist investment banking solutions.
“It has been an honour and a pleasure to have worked with my fellow directors and management since 1996, through interesting and sometimes, to put it mildly, very challenging times, and to have witnessed the steady evolution of SICO into the successful and respected financial institution that it is today. Only this May our firm was granted a Conventional Wholesale Banking license by the Central Bank of Bahrain, reflecting the bank’s substantial evolution in maturity,” Shaikh Mohammed bin Isa Al Khalifa, said.
“After twelve years in ‘the chair’, I believe it is time for a change; which is why I have decided to step down, and make way for someone new to take over the helm, piloting SICO into a new strategic phase.”
“I would like to thank the Bank’s directors, management and staff for their dedication and professionalism. Together, we overcame many challenges during the past 15 years, including regional geo-political events, major stock market corrections, and a global financial crisis that we are still experiencing. Importantly, our firm managed to weather the worst and achieve a consistent financial performance and return to our shareholders, while coupling it to an exceptionally solid financial position.”
“We earned the trust, loyalty and confidence of our clients, which remains the most important ingredient of success for an investment bank.”
“During its first 15 years, SICO’s management has subtly and quietly set a benchmark for the region’s investment banking industry. Today the Bank is a multifaceted investment bank with a leading position in number product areas in the GCC, under pinned by an exceptionally robust balance sheet.”
“It has been a great privilege to work closely alongside with our chairman for the past 11 years. Through his incisive intelligence, balanced insight and hands-on approach – together with very high standards of integrity and professionalism – he has been remarkable. Together with my fellow partners in management we will miss his guidance,” SICO’s Chief Executive Officer, Anthony Mallis said.
“The board that he very actively led has sustained management’s consistent GCC-focused strategy, particularly during times of crisis and challenge. From my perspective, the chairman set an example for prudent and ‘realistic’ management, while encouraging our team to take a pioneering approach to new investment banking services. However, change is inevitable – and healthy – both at an individual and corporate level. As SICO prepares to enter a new phase in its strategic development, we are very cognizant of Sheikh Mohammed bin Isa Al Khalifa’s stewardship during the past fifteen years.”