DUBAI, March 18, Bahraini Islamic investment
bank GFH Financial said on Saturday it had
appointed a new chairman and would focus on acquiring financial
institutions, infrastructure investments and other strategic
Sheikh Ahmed bin Khalifa al-Khalifa, who has over two
decades of experience in banking and government posts as well as
board memberships in other firms, became GFH chairman. Ahmed
al-Mutawa, who had served as GFH chairman for three years,
became vice chairman, the company said.
GFH, which was hit hard by the global financial crisis, aims
to rebuild its business through acquisitions and last week said
it was in talks to acquire or merge with several financial
institutions including Dubai's Shuaa Capital.
GFH's new 10-member board met for the first time on Thursday
and held the meeting in Abu Dhabi rather than Bahrain. Abu Dhabi
Financial Group owns 48.36 percent of Shuaa and last year
partnered with GFH to establish an Islamic bank called ADCorp in
Abu Dhabi’s new financial free zone.
(Reporting by Andrew Torchia; Editing by Hugh Lawson)