Mohammad Farouky has been appointed assistant general manager of Gulf International Bank (GIB) with responsibility for its banking operations. This is one of the biggest jobs in Arab banking.
He is to return to Bahrain from London, where he has been manager of GIB’s branch. Farouky, a senior vice-president, takes over from Peter Sura, who has resigned from the bank. The appointment is effective from 15 June.
No explanation of Sura’s sudden departure has been given. He was appointed to the job in September 1991 as part of a radical restructuring of GIB which culminated in its takeover by Gulf Investment Corporation (GIC) in 1992. Sura, a US national, was previously a senior vice-president at Manufacturers Hanover Trust Company (MEED 27:9:91).
Farouky, who has a masters degree in business administration from the US, is respected and well-liked, bankers say. His position makes him effectively number two at GIB under general manager Ghazi Abdul-Jawad. David Gates remains assistant general manager with responsibility for assets and liabilities.
Farouky’s appointment follows a steady recovery in GIB’s performance. It reported net income of $88.2 million in 1993 and had assets at the end of the year of $7,172 million. This compares with $5,858 million two years earlier.
GIB has separately announced that Jonathan Pain, head of investments, has been appointed senior vice-president. Abdel-Fattah Tahoun, head of US marketing in New York, has also been appointed senior vice-president. Peter Smith, previously senior representative in Singapore, has been promoted to senior vice-president and GIB Asia area head.
UK merchant bank Robert Fleming & Company reports substantial growth in its Gulf-sourced fund management business and says it plans to open an office in Beirut to exploit the opportunities provided by Lebanon’s reconstruction.