Abdel Hamid Shoman Named Key Individual for 2009
Strength and Discipline, Arab Bank’s Success a Testament to its Leadership and Strategy
FTSE Global Markets has named Mr. Abdel Hamid Shoman, Chairman and CEO of Arab Bank as a key individual in the global financial market. The chosen individuals are inaugurated for their achievements and innovation that have led to remarkable success stories.
According to FTSE Global Markets, “Mr. Shoman was named a key individual because of the way he has led the bank over the last 12 months. The bank avoided the worst excesses of the real estate boom that effect the region, kept earnings high, kept credit lines open to key clients and increased deposits at a time when this remains the most secure source of funding. This combined with a regional diversification plan has meant that Arab Bank has led where others will surely follow.”
After receiving this distinction, Mr. Shoman commented, “We have always been conservative and careful in our business in order to minimize the effects of cyclical economic cycles.” Mr. Shoman further explained, “It is important to maintain our strong position, ample liquidity and stringent governance, risk management and credit policies, all of which will continue to protect the interest of our customers and shareholders.”
In the last 3 years, Arab Bank has witnessed the best financial performance since its establishment. This year, the Bank has been shielded against the rough economic climate because of its policies. Reflecting on the current year, Mr. Shoman then added, “In 2009 we focused on further enhancing liquidity, capital adequacy and further improving the quality of our investment and credit portfolios.”
Mr. Shoman has over 30 years of experience in the banking industry. Some milestones include when Arab Bank reopened its operations in Syria, and in 2006 the Europe Arab Bank was established, with headquarters in London to be the umbrella for all the Arab Bank’s branches in Europe. During his tenure, Mr. Shoman oversaw the reorganization of the Bank and expanded its operations; some examples are when Arab Bank acquired 50% of MNG Bank in Turkey, known today as Turkland Bank, as well as 50% of Al-Nisr Al-Arabi Insurance Company, to name a few.
Mr. Shoman concluded, “Arab Bank will always strive to act in the best interest of our customers, shareholders, employees and the community. This has always been and will continue to be our driving principle.”