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Sharjah's United Arab Bank appoints interim CEO

January 22, 2022
banking

Appointment comes more than a month after former executive quit post

UAE-listed United Arab Bank (UAB) has appointed Thomas Mathew Alexander to take over the reins as interim chief executive officer of the company, according to a disclosure on Friday.

The appointment comes after Ahmad Mohammad Abu Eideh quit the position on December 14, 2021.

The bank, which has incurred financial losses, did not specify how long the interim chief executive will stay in the position, or when it expects to hire a permanent replacement.

“We will update you with any new information as and when received,” the bank told the Abu Dhabi Securities Exchange (ADX).

The bank reported 621.9 million dirhams ($169.3 million) in accumulated losses for the first nine months of 2021, representing 30 percent of its capital.

The Sharjah-based lender had blamed its exposure to NMC and the negative impact of the COVID-19 pandemic for the losses.

zawya

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