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Sun 31 May 2020 05:53 PM

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Abu Dhabi Islamic Bank CEO resigns

Mazin Manna will be temporarily replaced by COO Sandeep Chouhan who has been appointed acting CEO

Abu Dhabi Islamic Bank CEO resigns

Abu Dhabi Islamic Bank is looking to find a permanent successor as soon as possible.

Abu Dhabi Islamic Bank PJSC has said its chief executive officer Mazin Manna has resigned, just over a year after the Credit Agricole SA banker assumed the role.

Chief operating officer Sandeep Chouhan has been appointed acting CEO and the bank is “fully engaged in securing the CEO’s successor within the briefest delays”, according to a statement. It didn’t provide a reason for Manna’s resignation.

Manna, who was the former CEO of Credit Agricole’s corporate and investment banking unit in the Middle East and North Africa, joined Abu Dhabi Islamic Bank in March 2019.

Earlier this month it was announced that the group net profit for ADIB Q1 2020 had decreased to AED269.7 million against AED600.3m in Q1 2019.

A statement at the time said profits decline was “predominantly driven by an increase in provisioning due to the challenging operating environment, as well as the result of lower revenues, given unprecedented market conditions”.

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