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Bank Alkhair names new CEO
- Bahrain: Thursday, September 20 - 2012 at 09:07
Bank Alkhair has named Khalil Nooruddin as its new managing director and chief executive officer, as the Bahrain-based Bahraini Islamic lender seeks to return to the black after posting a loss in the first half of this year, Reuters has reported. Nooruddin joins Bank Alkhair from Capital Knowledge, a financial and training institute in Bahrain, and has 35 years of banking experience in the Gulf which includes positions with Investcorp, UBS and Chase Manhattan Bank, the bank said. In June, the lender reported a $20.06m loss for the first half of 2012, compared with a $3.1m profit a year earlier. Also in June, a former chief executive and founder of Bank Alkhair, Majid Al-Refai, was sentenced by a Bahrain court in absentia to four years in jail for embezzlement and squandering the bank's funds. Refai denied all charges.
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