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Arab bank chairman quits, in dispute with CEO
The chairman of Jordan-based Arab Bank, Abdel Hamid Shoman, resigned on Thursday after a dispute with key shareholders and the bank's CEO, several sources inside the bank said.
August 16, 2012 3:56 by Reuters
The chairman of Jordan-based Arab Bank, Abdel Hamid Shoman, resigned on Thursday after a dispute with key shareholders and the bank’s CEO, several sources inside the bank said.
They said key shareholders of the bank, one of the Middle East’s largest financial institutions, failed to back Shoman, whose family founded the bank in Jerusalem at the turn of the century, after a months-long dispute with CEO Nemah al-Sabbagh over his management of the bank came to a head.
“We decided not to back Mr Shoman when the CEO complained he was interfering in the executive decision-making of the bank,” said one key shareholder who attended a meeting with Shoman this week and requested anonymity.
Arab Bank was not immediately available to comment.
(Reporting by Suleiman Al-Khalidi; Editing by Erica Billingham)