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Thu 16 Aug 2012 02:34 PM

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Abdel Hamid Shoman quits as Arab Bank chairman

Abdel Hamid represents third generation of Shoman dynasty, which founded bank in 1930

Abdel Hamid Shoman quits as Arab Bank chairman
Arab Bank executive chairman Abdul Hamid Shoman.

The chairman of one of the Middle East’s largest privately owned finance houses, Arab Bank, has resigned.

A spokesperson for the bank confirmed to Arabian Business that Abdel Hamid Shoman had left his post, but said he was unable to give a reason for the move.

Abdel Hamid Shoman represents the third generation of the Shoman dynasty, which founded the bank in 1930.

A report by a Jordanian online newspaper, Al Ghad, also reported that Dina Shoman, an executive vice president at the bank, and other members of the Shoman family, had also left their posts.

Dina Shoman confirmed via her Twitter pagethat she had also resigned. "I confirm this is true, sadly. I hope u understand that I need to be with my family and will not be able to respond thx."

Al Ghad also said that an emergency meeting at the bank was currently in progress.

Shares in Arab Bank closed down by 3.38 percent on the news, closing at JRD6.68 a share.

The lender is nearly 20 percent owned by the Lebanon’s Al Hariri family, and a similar size stake is owned by Jordan’s social pension fund. 

Arab Bank Group saw its first-half net profits rise by 10 percent to US$360m compared with the same year-ago period due to lower provisions and a rise in operational income despite political upheaval that hit the region.

Nearly 20 percent of the company is owned by the family of Lebanon’s former prime minister, Rafik Hariri. There are two members of the Hariri family on the bank’s board. Arab Bank also owns 40 percent of Saudi Arabia's Arab National Bank ANB.

The bank has operations throughout the Middle East, with a presence in 30 countries, and over 500 branches.

Muwafaq 7 years ago

It is a public company, not private