TAIB Bank Appoints New Management Team to Restructure Business and Drive Growth

MANAMA, Bahrain, June 13, 2011 -

TAIB Bank is delighted to announce that its management team,
appointed in December 2010 to begin a significant restructuring of
the bank, has been officially approved by the Central Bank of
Bahrain as permanent appointments.    

Sohail Sultan, TAIB’s new Chief Executive Officer, has over 20
years of banking and finance experience and has held senior
executive positions within both Citibank and Barclays Capital
during his career.  He has been involved in building asset and
non asset based finance businesses as well as structured capital
markets capability across North America, Asia, the Far East and
Europe, encompassing all aspects of structured finance, credit and
risk management.

Mr. S. K. Husain has been appointed as Chief Operating Officer
and has over 30 years of diverse financial services experience
having worked in private and publicly listed businesses at Board
level across Europe, South Asia and the Middle East with a core
expertise in the creation, acquisition and disposal of businesses.
Until recently he was the Chief Financial Officer of Dubai Group, a
diversified investment company.

To complete TAIB’s new management team, Mr. Shehryar Hamid has
been appointed as Treasurer.  Shehryar is an experienced
capital markets and treasury banker, having had exposure to a wide
variety of asset classes with a first hand experience of asset/
liability management. He comes from Dubai Group where he was Head
of Treasury and Capital Markets, Prior to that he worked as the
Director of Fixed Income & Derivatives at Mashreq Bank and
before that at BNP and SAMBA.

Sohail Sultan, TAIB’s CEO commented:

“The past 6 months have been a challenging period, as the new
management team with the support of the Central Bank of Bahrain and
its principal shareholders have embarked on a wholesale
restructuring of the Bank.”

“This has entailed addressing the Bank’s historic problem assets
stabilising its liquidity position, restoring its capital to the
regularity requirement while in parallel repositioning the Bank for
its future course and direction, in order to return it to
sustainable profitability over the long term.  With a new
focus on building and integrating its historic operations and
geographic footprint across the Middle East, North Africa, South
Asia and Turkey/Central Asia, the Bank proposes to position itself
in time as a major intermediator of capital flows across this
region, as it rebuilds its Asset Management, Investment Banking and
Sharia Compliant Wealth Management capability”

TAIB Bank B.S.C. (c ) , a Bahrain based bank, was established in
1979 and is regulated by the Central Bank of Bahrain. It listed on
the Bahrain Stock Exchange in 1994.

For media enquiries, please contact

Shane Dolan
Financial Dynamics
+973-38441151
href="mailto:Shane.dolan@fd.com">Shane.dolan@fd.com 

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