Ajman Bank's Ali E. Al Shaqoosh Al Mueen assumes new role as Acting CEO

Initially appointed deputy CEO in April, Ali E. Al Shaqoosh Al Mueen was assigned the role of CEO last week with the full support of the Board of Directors.

The announcement follows the promising first operating quarter financial results recently issued to the DFM. Bringing a wealth of experience to the position, the new Ajman Bank head has spent a total of more than two decades working in the banking industry.

Employed for the past eight years by Abu Dhabi Islamic Bank as Head of Branches, Al Shaqoosh brings with him further know-how gained following his two years at Standard Chartered Bank, 12 years at Citibank and initial two years First Gulf Bank.

In his new role as acting CEO, Ali E. Al Shaqoosh Al Mueen' s first priority is to help Ajman Bank transition from a bank in progress to a bank in operation, working closely in partnership with the team at Ajman Bank. At this important juncture the focus is increasingly on implementation of key elements of the expansion plan which will take the Bank to the next level of growth.

The Bank's total assets, which reached Dhs1.34bn in the first two months of operations, are expected to grow in line with the delivery network planned for 2009. Ajman Bank is currently operating with two fully functional branches and a third, is currently in its pre-opening test phase, is due to open in Sharjah. Two further branches are also currently under construction and a number of planned ATMs are on the way.

In assuming his position as the strategic leader of the Bank, Ali E. Al Shaqoosh Al Mueen will play a central role in supporting the development and success of the business line functions in retail banking, corporate banking and treasury and investment banking is essential, and it is on this that his extensive experience will come to bear.

The new Acting CEO is now in a position to make best use of the Bank's strong liquidity position of over Dhs1.2bn in order to select strategically advantageous business opportunities within the boundaries of Ajman Bank's risk criteria. Effective and realistic management of the balance sheet, growth plans and investment strategies will remain a key priority for the new Acting CEO.

Ali E. Al Shaqoosh Al Mueen, Ajman Bank's new Acting CEO made the following comment, "I would like to express my sincere appreciation to our Board of Directors for giving me the opportunity to lead the team at Ajman Bank at this crucial point in time. This is the time to really create the impact and dynamism that our Bank needs to achieve its goals and I look forward to making this happen."

"I strongly believe, as do my senior team, that to achieve this success we must foster a culture of empowerment, openness, and free communication. I have every confidence in the expertise and talent within our organisation and expect to see this potential unlocked over the coming months. We will continue from strength to strength, despite the market uncertainty, and endeavour to work hard to become the UAE's favourite Bank as we have always aimed," he added.