Chairman of Abu Dhabi’s Al Hilal Bank resigns — sources

ABU DHABI: The chairman of Abu Dhabi’s government-owned Al Hilal Bank has resigned, a week after the chief executive quit, sources aware of the matter told Reuters on Monday.

Ahmad Ateeq Al Mazrouei, chairman of the major Islamic lender since 2008, has left for personal reasons, the sources said, declining to be named as they were not authorised to speak to media.

Senior board member Mohammad Abdullah Al Rumaithi has been appointed to succeed him, the sources said.

Last week Al Hilal’s chief executive Mohammad Jamil Berro resigned, also citing personal reasons, after seven years with the bank.

Al Hilal’s profit for 2014 plunged to Dh90 million ($24.5 million) from Dh442 million in 2013 because of large loan impairments, according to the lender’s latest financial statement. The bank’s total assets grew to Dh41.4 billion from Dh38.7 billion.