United Arab Bank confirms CEO Trowbridge's resignation

Samer Tamimi has become acting chief executive
United Arab Bank confirms CEO Trowbridge's resignation
By Reuters
Tue 17 Nov 2015 12:00 PM

The chief executive of United Arab Bank has left the bank after the board of directors accepted his resignation, the Abu Dhabi-listed lender said on Tuesday.

No reason was given for Paul Trowbridge's departure in a bourse filing, which added that Samer Tamimi had become acting chief executive.

The statement confirmed an October 30 Reuters story, which said Trowbridge had left the position he had occupied since March 2009. The sources said at the time he had been asked to step down by the board, although they were unsure of the reason.

Credit rating Moody's on Monday placed United Arab Bank, which is based in Sharjah, one of the seven United Arab Emirates, on review for possible downgrade due to a sharp increase in non-performing loans and its number of senior management changes in the last 12 months.

Commercial Bank of Qatar is the largest shareholder, with a 40 percent stake, in Abu Dhabi's seventh-largest lender by market value.

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