Bahrain Islamic lender Unicorn renamed Bank Alkhair

Bahrain Islamic lender Unicorn renamed Bank Alkhair

Bahrain's Unicorn Investment Bank has changed its name to Bank Alkhair, after taking steps to boost its finances and governance framework, said the Islamic lender.

October 5, 2011 10:32 by Reuters

The bank said last month that an investigation by consultancy Deloitte concluded that its former CEO, Majid Al-Refai, committed 58 criminal offences, including misappropriating bank funds. A Bahrain prosecutor has referred the case to a criminal court.

Refai denied the allegations of financial crimes made by the lender, saying that Deloitte, had not disclosed its “personal interest” in the probe.

Bank Alkhair’s subsidiaries in its core markets of Saudi Arabia, Malaysia and Turkey will operate under the new names of Alkhair Capital Saudi Arabia, Alkhair International Islamic Bank Malaysia and Alkhair Capital Turkey, it said in a statement.

“In the past year, the bank has taken important steps to safeguard its financial position by deleveraging its balance sheet, strengthening its liquidity profile and enhancing its corporate governance framework,” said Yousef Al-Shelash, chairman of the bank, in a statement. “Our new name and identity are a reflection of these measures.”

In August, the lender reported a $3.1 million profit in the first half of 2011 following a restructuring initiative by the firm. It also exited its U.S. operations to focus on its core markets. (Reporting by Shaheen Pasha; Editing by Firouz Sedarat)