Ithmaar Bank CEO Michael P. Lee appointed Board member

Lee will now play an even bigger role in shaping the long-term direction of the Bank, while continuing to run the Ithmaar banking group's flagship company.

"Joining Ithmaar Bank in the beginning of the year, Michael has helped reinforce the institution's aggressive growth strategy. He has now led the Bank through two solid quarters, and a 130% leap in half year net profits to a record $65.9m. During that time he has been hand picking top investment bankers with experience in specific markets and also leading the development of systems, policies and procedures for the Bank,"

said Khalid Abdulla-Janahi, Chairman, Ithmaar Bank.

"With 35 years of experience in international finance and a deep knowledge of the region, I have every confidence that Michael's membership will significantly bolster our already high standards of corporate governance," he added.

A resident of the Kingdom of Bahrain since 1992, Lee has held numerous key positions at blue chip investment banking and private equity institutions both within the region and elsewhere. Immediately prior to his appointment at Ithmaar Bank, Lee was Deputy Chairman & Managing Director of Emerging Markets Partnership (Bahrain), the General Partner and Manager of the Islamic Development Bank (IDB) Infrastructure Fund.

An Oxford graduate, he was trained at Chase Manhattan Bank. In 1973, Lee joined Merrill Lynch, spending over 10 years in London, Hong Kong and New York in commercial and investment banking and general management. From 1979 to 1981, he was Director of Corporate Development at Merrill Lynch International & Co., New York and, from 1981 to 84, was a Managing Director heading Merrill Lynch's international investment banking group responsible for Financial Institutions/Private Placements.

From 1984 to 88, Lee was the Chief Executive Officer of Dean Witter Capital Markets - International Ltd., London and Managing Director, Corporate Finance of Dean Witter Reynolds Inc., New York. In 1992, Lee was appointed a senior adviser at Bahrain's then Ministry of Finance & National Economy, providing, inter alia, strategic advice on the development and regulation of the Bahrain international financial centre.

"Ithmaar Bank is now an established investment bank, which, along with its subsidiaries and affiliates, covers a very broad array of business lines in the MENASA region and elsewhere. However, there is still a lot of room for further growth. I am honoured to take a seat alongside the distinguished members of the Bank's Board or Directors and expand my role in the development of this dynamic institution," said Lee.