Bank of London and the Middle East chairman steps down

03 March 2014

Boubyan Bank CEO will become Bank of London and the Middle East’s chairman on 31 March

Yazob al-Muzani, chairman of the Bank of London and the Middle East (BLME), plans to retire from the sharia-compliant lender’s board on 31 March.

He will be replaced by Adel Abdul Wahab al-Majed, who also serves as CEO of Kuwait’s Boubyan Bank. The latter raised its stake in the London-based lender in November 2013 to 25.62 per cent of its share capital.

BLME has been strengthening its ties with the region following Dubai’s announcement that it aims to become a global Islamic finance hub.

In May 2013, the lender opened a representative office in Dubai, followed by a listing on Nasdaq Dubai in October. But the bank’s stock has been largely illiquid, with its listing mainly seen as a means to raise its regional profile.

In 2013, BLME Holdings reported a 10 per cent rise in operating profit before tax of £6.1 million.  The group’s business growth was driven by its corporate banking and wealth management divisions, resulting in a 19 per cent increase in assets.

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