The board of Arab Bank has appointed Sabih al-Masri as the new chairman following the resignation of former chairman Abdel Hamid Shoman.
The Jordan based lender, founded by Shoman family in Jerusalem, is one of the Middle East’s largest financial institutions that is privately owned, as reported by the Reuters.
Masri, who has invested a large chunk of his capital in hotel industry and agro-business, will now manage the bank to deliver steady growth.
The bank owns $45.6bn balance sheet and trades in 30 geographies across the globe.
The key shareholder in the bank include Saudi finance ministry with 4.5% and Qatar with 1.65%, Jordan’s social pension fund 15.5% stake, and more than 20% stake by family of Lebanon’s former prime minister, Rafik al-Hariri.