October 14, 2019 / 2:12 PM / a month ago

Mashreqbank's CEO to become chairman, third quarter net profit falls

DUBAI (Reuters) - Dubai’s Mashreqbank (MASB.DU) said on Monday its long-standing chief executive would become chairman, with the head of its corporate and investment bank taking over as CEO.

The bank also said its third-quarter net profit dropped 8.7% to 535.75 million dirhams ($145.87 million), as net interest income fell 4.2%, mainly due to lower interest rates.

FAB Securities had forecast a net profit of 595 million dirhams.

The bank said Abdel Aziz al-Ghurair, who has been CEO for the last three decades, had been elected as chairman of the board of directors.

Under al-Ghurair’s leadership “Mashreq has grown from a small local bank to a leading customer centric financial institution in the region known for its innovative products and services,” it said.

Earlier this year, the bank said it was closing half of its branches as part of a digital transformation.

Mashreqbank’s head of corporate and investment banking, Ahmed Abdelaal, was appointed as new chief executive.

Current chairman Abdullah Ahmed al-Ghurair, who founded the bank in 1967, is stepping down, but will remain on the board.

Forbes magazine estimates the wealth of Abdullah Ahmed al-Ghurair and family at $5 billion.

Reporting Nafisa Eltahir; Editing by Saeed Azhar and Mark Potter

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