Gulf Finance House appoints veteran banker to head new commercial bank

Mr. Ebrahim, a Bahraini national, and a holder of an MBA in Finance and a BSc degree in Economics, has over 23 years of progressive experience in various fields of the banking industry, both conventional and Islamic. He has held a number of senior positions in different financial institutions in Bahrain, most recently as CEO of the Liquidity Management Centre

"This appointment marks an important milestone in the establishment of the Gulf Finance House Commercial Bank," said Mr. Esam Janahi, CEO of GFH. "Mr. Ebrahim is a seasoned and respected banking professional. His decision to join us is an endorsement of our reputation in the market.

"The new bank, under Mr. Ebrahim's guidance, will enable more active investments in Bahrain's property sector through an 'Own and Hold' option. We are confident that the bank will increase the deal flow in the Kingdom's property sector and will provide equity and debt financing for property investment Special Purpose Vehicles.

"It will also help extend our customer base by distributing products structured by the investment bank to high net worth individuals and institutions in Bahrain and assist clients in property development through project conceptualisation, structuring and arrangement of finance. The activities of the bank will also include property management," added Mr. Janahi.

"GFH has achieved remarkable success over the five years since its foundation and enjoys an excellent reputation for innovation in the financial markets," said Mr. Ebrahim.

"It has an excellent performance track record and gives investors the opportunity to share in its success. I am glad to have the opportunity to bring to Bahraini customers those products and services which GFH has, so far, only offered to offshore customers."

The Commercial Bank, a first of its kind niche onshore commercial bank exclusively focused on the real estate sector, was given the green light by the Bahrain Monetary Agency in December 2003. It will complement the financial institution's Investment Bank which serves clients outside Bahrain.

The new subsidiary has been established with a capital of US $80 million. It will undertake a wide range of real estate banking activities, including project financing, direct investments and investment planning, venture capital, structured finance and syndication, asset management, property management and financial advisory services.

"We have an aggressive timetable to open the bank for business in December and one of my first tasks is to build a high calibre team," Mr. Ebrahim said.