Al Hilal Bank in boardroom reshuffle after twin resignations

Al Hilal Bank has reshuffled its board after the abrupt departure of its chairman and chief executive within a week of each other.

The Abu Dhabi-based Islamic bank said a new board had been appointed under the chairmanship of Mohamed Abdullah Al Rumaithi, following the resignation of the former chairman Ahmed Ateeq Al Mazrouei on Monday.

Mr Mazrouei’s decision to quit came just a week after the resignation of the chief executive Mohamed Jamil Berro. Sarie Asaad Arar, previously the bank’s chief business officer, was appointed last week as the acting chief executive.

The bank said both resignations were for “personal reasons”, declining to give details.

Al Hilal’s annual profits for 2014 plummeted to Dh90.1 million from Dh441.4m the year before, thanks to an impairment charge attributable to large receivables from Islamic financing activities during the year, even as the bank recorded a 6.8 per cent increase in revenue.

Mr Al Rumaithi, who joined the bank’s board last year, also serves as the Undersecretary of Financial and Procur ement Affairs at the UAE Ministry of Presidential Affairs and the deputy chairman of the Higher Committee of the Nationals’ Defaulted Debts Settlement Fund.

The bank announced that Mohamed Ali Al Dhaheri had been elected as the vice chairman, declining to name the board’s other members.

Mr Al Dhaheri also serves as a board member of ADCB, as well as an executive officer of the Abu Dhabi Investment Council, Al Hilal’s sole shareholder.

Al Hilal currently has 26 branches in the UAE, including 16 in the emirate of Abu Dhabi, together with three branches in Kazakhstan.

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