Arab Bank’s Chairman resigns

Arab Bank confirmed in a press statement the news of the resignation of Arab Bank’s Chairman, Mr. Abdel Hamid Shoman (pictured), who submitted his resignation today to the Members of the Board.

Commenting on the news, Mr. Sabih Masri, Deputy Chairman of Arab Bank’s Board of Directors said, “We unfortunately confirm the news of Mr. Abdel Hamid Shoman’s resignation from the Board of Directors which was his personal decision. We extend our deep gratitude and recognize Mr. Shoman’s great efforts in leading the Bank for over 40 years. Arab Bank will continue on its journey of success locally, regionally and globally. The Bank will adhere to its strategic direction based on its historic values when it comes to operations, policies and prudent financial practices.”

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Mr. Masri added “Arab Bank enjoys a strong management and institutional structure which has been built over many years”.

Arab Bank Group achieved net profit after tax and provisions of $ 360.3 million for the first half of the year 2012 compared to $ 327.2 million for the same period in 2011 showing a growth of 10%, despite the ongoing developments in the region and the world.

Testimony to the Bank’s solid financial standing, Fitch affirmed on July 25, 2012 the rating of Arab Bank at A- with a Stable Outlook.