VCBANK names new board, Sheikh Mohamed as Chairman

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Venture Capital Bank, an Islamic wholesale bank, yesterday announced that it named Sheikh Mohamed Bin Duaij Alkhalifa as Chairman, effective 31st January 2023.

He succeeds Abdulfatah Marafie, who served as Chairman from October 2016 to 30 September 2022.

Ahmed Abdulrahman is the Vice Chairman. Sheikh Mohamed will chair a new Board of Directors for the bank that comprises Ahmed Abdulrahman as Vice Chairman, and board members Bashar Mohamed Almutawa, Isa Jawaheri, and Robert C. Wages, who in addition is the Chief Executive Officer of the bank.

Sheikh Mohamed said, “The bank is currently undertaking measures to strengthen its core performing investments while generating favourable exits for non-core assets and I am confident that with the guidance of the board and a new management team, the bank can focus on and build on its existing strengths.”

A majority stake of VCBank was acquired recently by Esterad Investment Company (Esterad), a Bahrain-based Investment Company established in 1973 and publicly listed on Bahrain Bourse.

Sheikh Mohamed has 14 years of experience in various senior executive positions where he developed and implemented turnaround strategies for non-performing investment companies.

He is currently the Chairman of Britus International School for Special Education.