DUBAI, Sept 18 Bahrain-based Bank Alkhair has
appointed Khalil Nooruddin as its managing director and chief
executive officer, as the Islamic bank seeks to return to the
black after posting a loss in the first half of this year.
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, Bank Alkhair said on
The bank, which has subsidiaries in Saudi Arabia, Malaysia
and Turkey, has undergone a revamp of its operations to focus on
its core markets. It exited its U.S. operations last year.
"Bank Alkhair took concrete measures over the past year to
safeguard its financial position, including streamlining its
operations in Bahrain and Turkey and enhancing the Group's
corporate governance and risk management functions," Yousef
Al-Shelash, the group's chairman, said in a statement.
In June, the lender reported a $20.06 million loss for the
first half of 2012, compared to a $3.1 million profit a year
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.
The bank was previously known as Unicorn Investment Bank; it
changed its name last year after taking steps to strengthen its
(Reporting by Bernardo Vizcaino, Editing by Andrew Torchia)