Abu Dhabi lender Al Hilal Bank’s CEO steps down

Abu Dhabi-based Islamic lender Al Hilal Bank announced that CEO Khaled AlKhoori will be stepping down from his role.

AlKhoori was appointed to the role in December 2015, during a “critical transitional phase”, the bank said in a statement.

“Considering his vast experience and knowledge in the financial industry, he was assigned to develop Al Hilal Bank 2020 Strategy, initiate its execution, and implement an overall bank restructure. AlKhoori meticulously and successfully completed his task and he will be now moving to his next chapter,” it said.

Al Hilal’s CFO Craig Bell, who was appointed to his role in October 2016, will assume the position of acting CEO.

“The new CEO of Al Hilal Bank will be announced in due course,” the statement added.

The government-owned lender has made many changes in its leadership team and in August last year, appointed a new chief information officer and a new executive vice president and head of Treasury Banking.

In November, it was reported that there were talks about a merger of Al Hilal Bank with Abu Dhabi Islamic Bank (ADIB). However, ADIB denied the report.

Al Hilal Bank was founded in 2008 by the Abu Dhabi Investment Council, an investment arm of the Abu Dhabi government, with an authorised capital of Dhs4bn.