Chairman of Abu Dhabi’s Al Hilal Bank resigns

The chairman of Abu Dhabi’s government-owned Al Hilal Bank has resigned, a week after the chief executive quit, sources aware of the matter told Reuters on Monday.

Ahmed Ateeq al-Mazrouei, chairman of the major Islamic lender since 2008, has left for personal reasons, the sources said, declining to be named as they were not authorised to speak to media.

Senior board member Mohamed Abdullah al-Rumaithi has been appointed to succeed him, the sources said.

Last week Al Hilal’s chief executive Mohamed Jamil Berro resigned, also citing personal reasons, after seven years with the bank.

Al Hilal’s profit for 2014 plunged to Dhs 90m ($24.5m) from Dhs 442m in 2013 because of large loan impairments, according to the lender’s latest financial statement. The bank’s total assets grew to Dhs 41.4bn from Dhs 38.7bn.