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Qatar First Bank Says CEO Mansour Resigns

Qatar First Bank Says CEO Mansour Resigns

Ahmad Mehsari from Qatar Islamic Bank will take over as the bank’s acting chief executive.

Qatar First Bank (QFB), a sharia-compliant bank active in private equity investments, said its CEO Emad Mansour has resigned and will be replaced by Ahmad Meshari.

Meshari joins the bank as acting chief executive from Qatar Islamic Bank, where he was the deputy chief executive, QFB said in a statement.

QFB was part of the consortium which held a 50 percent stake in Abu Dhabi’s Al Noor Hospitals prior to its initial public offering in June. Al Noor was valued at $1 billion in its London listing.

The Qatari bank itself was planning a listing last year on the Doha bourse, having hired Credit Suisse as a financial adviser. The bank has investments worth QAR1.8 billion ($494.32 million) across various sectors including energy, financial services, industrials, real estate and healthcare.

Its 2012 net income rose 21 per cent to QAR113.2 million, according to the statement.

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