ADIB names CEO, MD

Abu Dhabi Islamic Bank named Ragheed Najib al-Shanti as acting chief executive on Monday and Khamis Buharoon as managing director.

Buharoon is a former chief executive of Commercial Bank International and Shanti is a member of Abu Dhabi Islamic's board, the lender said in a statement on the Abu Dhabi stock market Web site.

Buharoon will replace Ahmed Darwish al-Marar as managing director. The bank has not had a chief executive until now.

The appointments are subject to approval from the central bank and shareholders, it said.

Abu Dhabi Islamic accepted a takeover bid by Emirates International Investment Co. in March. The board agreed to sell 2 billion dirhams ($544.5 million) of convertible Islamic bonds to Emirates International giving the company owned by the emirate's ruling family a stake of nearly 52%.

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