Press Release
ESAM JANAHI: CONTINUE CONCENTRATING EFFORTS TO RETURN GFH TO PROFITABILITY
GFH remains a strong and main supporter to Khaleeji Commercial Bank
GFH Acting CEO, Ted Pretty nominated as Board Member of Khaleeji Commercial Bank
Manama, Bahrain, Tuesday 16th February - Gulf Finance House (GFH), the leading Islamic investment bank in the Middle East announced today the resignation of Mr. Esam Janahi, Chairman of GFH, from Khaleeji Commercial Bank’s (KHCB) Board of Directors. Mr. Janahi’s resignation is attributed to his engagement and commitment to other business activities and is a natural consequence given that such a position demands dedication to ensure the performance of the institution.
GFH’s support to KHCB in developing its business and interests remain unchanged as Acting CEO, Ted Pretty has been nominated to replace Mr. Janahi as Board Member, re-iterating GFH’s intent on strengthening its strategic relationship with Khaleeji Commercial Bank.
Mr. Esam Janahi, GFH Chairman, was a Board member of KHCB since its inception in 2005 and along with the other Board members contributed to laying down the financial and business foundations of the Bank which is now well positioned to go from strength to strength under the leadership of the Board members and the executive management team.
Commenting on the reasons for his resignation, Mr. Janahi said: “Considering the current difficult circumstances, there needs to be an even greater effort from everyone to manage and overcome the crisis affecting the regional and international markets. It demands transparency and dedication to lead Gulf Finance House’s activities in coordination with the executive management. I want to continue concentrating my efforts on supporting GFH, and position it for success as we seek to return to profitability. We enjoy fantastic support from the Board and its shareholders and God willing, target returning to profitability in the first quarter.”
GFH expressed their wishes for continued success and prosperity to KHCB.
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About Gulf Finance House
Established in 1999, Bahrain based Gulf Finance House (GFH) is one of the most successful and innovative Islamic investment banks in the Middle East. GFH historically focused on the conception and delivery of high value economic infrastructure projects. The Bank has also offered a diversified product range with a number of venture capital, private equity and asset management initiatives in addition to pioneering a number of Islamic financial institutions.
In addition to its share listings on the Kuwait and Bahraini Stock Exchange’s and the Dubai Financial Market, 2007 witnessed the Bank’s GDR listing on the London Stock Exchange. Over the past year, GFH has evolved its business model with a view to establishing itself as the world’s leading Islamic investment bank. Under this new structure GFH will essentially operate with two primary businesses, GFH Real Estate & Infrastructure and GFH Capital.
The Bank has won numerous local and international awards as a testimony of its commitment to excellence and its pioneering and innovative approach, including “Best Investment Bank” three years running (2005-2007), awarded by Banker Middle East; “Best Islamic Investment Bank” by World Finance 2007; “MENA Investment Bank of the Year 2008″ by Acquisitions Monthly; “Best Investment Bank 2008″, by Islamic Banking and Finance; and “Best Islamic Finance House” at the Banker Middle East Industry Awards 2009.
For further information please contact:
Ahmed Al-Derazi
Public Relations - Corporate Communications Team
Tel: +973 17 538538 Ext (ext. 274)
Email:
Website: www.gfh.com