Mohamed Hussain appointed Co-CEO of Ithmaar Bank
MANAMA, BAHRAIN – 26 May 2008 - Ithmaar Bank, a Bahrain-based investment bank with global reach, appointed Mohamed Hussain as Co-CEO, responsible for overseeing the Bank’s holdings in subsidiaries and associates, as well as for looking after Private Banking and Risk Management. Hussain, the former Chief Executive & Member of the Board of Shamil Bank, which he led through three successful years, will be working alongside Ithmaar Bank CEO & Member of the Board, Michael P. Lee. Lee will continue to focus on further expanding the business of Ithmaar Bank’s Private Equity Group and Investment Banking Group (including its Mergers & Acquisitions and Islamic Finance & Financial Institutions divisions), as well as its institutional placement and capital markets activities.
In his new role, Hussain will be serving on the boards of Swiss-based Faisal Private Bank, Pakistan-based commercial and investment bank Faysal Bank Limited, and Bahrain-based Solidarity (a global takaful company) and First Leasing Bank (the first bank specialising in equipment leasing in the GCC). He is also a Member of the Board of Bahrain-based commercial bank BBK, in which Ithmaar Bank has a 19.4 per cent stake. Hussain is also on BBK’s Executive Committee and on that of Ithmaar Bank.
Hussain will also be sitting on the Board of Ithraa Capital, a new investment institution recently established in the Kingdom of Saudi Arabia, for which licenses have been granted by the Saudi Arabian Capital Market Authority. Ithmaar Bank has a 23 per cent stake in the new entity, headquartered in Riyadh, giving Ithmaar access to the Saudi Arabian market.
Upon his appointment, Hussain said, “I look forward to working closely with Michael and our Chairman, Khalid Abdulla-Janahi in achieving our goal of becoming the benchmark investment bank, operating globally from the Middle East.”
He continued, “As Co-CEO, I hope to further enhance the synergies among our six flagship subsidiaries and associates; Shamil Bank, Solidarity, Faisal Private Bank, Faysal Bank Limited, First Leasing Bank and Ithmaar Development Company, which, together with Ithmaar Bank itself, comprise the Ithmaar banking group, the most diversified financial services group operating from the Middle East. The Bank also has significant stakes in other important institutions, such as BBK and CITIC International Assets Management (CIAM), Hong Kong. With the establishment of Ithraa Capital, Ithmaar Bank has a total of 22 principal subsidiaries and associates, making my new role a very challenging one.”
Lee, welcoming Hussain to the new position, said, “Mohamed, with his broad-based international banking and finance experience and having been a senior member of our group since 1998, is the ideal person for this important new position.”
Hussain, a Bahraini national, is a seasoned banker, who joined Shamil Bank in 1998. He completed his Bachelor of Arts in Economics and Finance in 1976 at the University of Aleppo, Syria and started his career in finance with Bahrain’s Ministry of Finance and National Economy the same year. He previously held the positions of General Manager at Islamic Investment Company of the Gulf (Bahrain, Senior Vice President at Smith Barney Inc. Bahrain, Director, Marketing & Corporate Finance at Bahrain International Bank and Assistant Vice President at Gulf International Bank. Prior to becoming Chief Executive, he held other senior positions at Shamil Bank, including Group Head, Corporate Banking and Deputy Chief Executive. He is also on the Board of Directors of Eskan Bank, Bahrain and Emerging Market Partnership, Bahrain.
Ithmaar Bank is listed on both the Bahrain Stock Exchange and the Kuwait Stock Exchange.
About Ithmaar Bank:
Ithmaar Bank B.S.C. (ticker: ITHMR) is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange and the Kuwait Stock Exchange. It has a paid-up capital of $543.6 million, total equity of $1.3 billion and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main direct activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing and advisory services covering project financing, investments, capital markets and mergers & acquisitions.
Ithmaar Bank’s flagship subsidiaries and associates are Shamil Bank, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company.
For more information on Ithmaar Bank, please visit the Bank’s website at www.ithmaarbank.com