Abu Dhabi Islamic Bank appoints new CEO

Abu Dhabi Islamic Bank (ADIB)’s board of directors has appointed Mazin Khairy Shaker Manna as its new CEO, the bank announced in a bourse statement on Monday.

He will assume his executive duties from the first week of March, the statement added.

Manna will take on the responsibility from acting CEO Khamis Buharoon, who took on the role on an interim basis in March 2017.

Buharoon- also the bank’s vice chairman, replaced Tirad Mahmoud, who resigned from his position in November 2017 after being on medical leave from March 2017.

Manna was previously serving as the senior regional officer for the MENA region at Crédit Agricole CIB. He also worked in Citi and served as the managing director of Citi Islamic Investment Bank.

ADIB, the UAE’s second-biggest Islamic lender, recently announced an 8.7 per cent growth in its 2018 net profit to reach Dhs2.5bn.

The lender said its profit was driven by a growth in customer financing, an improvement in provisioning, higher fee income, controlled operating expenses and improved funding costs.

Earlier this month, it was also reported that ADIB was mulling a potential merger.

Bloomberg quoted unnamed sources as saying that the bank was in early talks with financial advisers about either combining with a larger entity or buying a smaller institution.

Abu Dhabi has seen a spate of bank mergers in recent years.

Last month, Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) confirmed plans to merge and together acquire Al Hilal Bank to create the country’s third largest lender.

Following the merger, ADCB will become the fifth largest bank in the GCC region, with assets of Dhs420bn ($114bn).

Read: Abu Dhabi banks ADCB, UNB and Al Hilal to merge creating UAE’s third largest lender

In 2017, National Bank of Abu Dhabi and First Gulf Bank were merged to create a lender with $175bn of assets.