Published: May 7, 2009
Europe Arab Bank has announced the appointment of a new head of credit. Tony Kemp, who joined Europe Arab Bank in July 2007, takes up his new role with immediate effect and also becomes a member of the bank's executive committee.
Kemp, who joined EAB from Barclays Capital, states: "Although these are still challenging times, I am confident that we can continue to build relationships with our clients. As a bank renowned for its prudent and conservative approach to lending, we have a strong balance sheet and a diverse investment portfolio across the Middle East, North Africa and the EU and have every expectation that we can continue to seek out good business and build on our strong reputation."
Arab Bank Group, based in Amman, Jordan, is one of the largest banking institutions in the region. Despite the current challenges faced by global financial institutions, Arab Bank's profit for 2008 was US$840mn compared to US$775mn for the year before, a growth rate of 8.4%.
The group focuses on maintaining high percentages of liquidity and liquidity ratio that is considered one of the highest amongst banks at both regional and international leve.