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Mon 28 Mar 2016 04:56 PM

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Chairman, board member said to leave Bahrain's First Energy Bank

Unlisted First Energy Bank, an Islamic investment bank, reported a net loss of $375.2m for 2015

Chairman, board member said to leave Bahrain's First Energy Bank
Khadem Al Qubaisi was one of the most prominent executives in the United Arab Emirates until the UAE energy minister replaced him as managing director of state-owned International Petroleum Investment Co last April

The chairman of Bahrain-based First Energy Bank, Khadem al-Qubaisi, and board member Mohamed al-Husseiny have left the bank, with a new chairman to be appointed shortly, sources familiar with the matter said on Monday.

Al Qubaisi was one of the most prominent executives in the United Arab Emirates until the UAE energy minister replaced him as managing director of state-owned International Petroleum Investment Co last April. Qubaisi later stepped down as chairman of Abu Dhabi investment fund Aabar Investments, builder Arabtec Holding and some other firms.

Husseiny was replaced as chief executive of Aabar last year after holding that post since 2010.

A spokesman for First Energy Bank told Reuters a new chairman would be announced soon after approval by the central bank of Bahrain. He declined to elaborate. Qubaisi and Husseiny are not listed as board members on the bank's website.

Unlisted First Energy Bank, an Islamic investment bank, reported a net loss of $375.2 million for 2015, according to its financial statements.

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