UAE’s Mashreq Bank’s Abdul Aziz Al Ghurair has stepped down as chief operating officer after nearly thirty years, the financial institution announced in a statement on Monday.
He will become chairperson of the company’s board of directors, taking over from Abdullah Ahmed Al Ghurair who will continue to be a board member.
Mashreq new CEO is Ahmed Mohamed Abdelaal, who served as the bank’s head of corporate and investment banking group.
“We had planned this transition some time ago and Ahmed was brought onto the leadership team two years ago with that in mind,” said Abdul Aziz Al Ghurair.
Mashreq Bank offers conventional and Islamic banking products and services, with Mashreq Al Islami the Shariah-compliant division of the Group.
The Bank on Monday reported a drop of 8 per cent in profit after tax to 549.9 million dirhams for the three months ending September 30 compared to the same period last year.
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