Gatehouse Bank announced its expansion in South East Asia to cement its growing operations and to ensure its proximity with its key clients, regulators and stakeholders in the region. This follows on from the ground-breaking £165 million acquisition of the law firm SJ Berwin’s offices at 10 Queen Street Place in London, in collaboration with a flourishing Malaysian Sovereign Wealth fund in September 2012.
Richard Thomas OBE, will relinquish his current responsibilities as Chief Executive Officer and will take over a new role with the Bank to spearhead this SE Asia business expansion and operations.
The Board acknowledges the valuable contribution played by Thomas under his Chairmanship in the incorporation the Bank in 2007 and in obtaining its FSA authorisation. Thomas took over as Chief Executive Officer in August 2009 when the Bank was recurring loss-making and worked closely with the Board in establishing the new business model and franchise based on Real Estate investments and Wealth Management offerings and in the Bank’s transformation to its current state of profitability.
The Board thanked Richard Thomas immensely for the contribution he has made to the Company and to the Board as Chief Executive Officer since August 2009, and before this, as Chairman of the Board.
Fahed Boodai, Chairman has been appointed as interim Chief Executive Officer.