Kuwait Finance House said on Monday that its board of directors unanimously decided to remove Mazin Saad Al-Nahedh as CEO effective immediately.
In a bourse filing signed by KFH Chairman Hamad Abdullmohsen Al-Marzouq, the bank said Ahmad Saud Al-Kharji would serve as CEO starting on Tuesday. It gave no reason for the change.
Last month, KFH agreed to postpone finalising its acquisition of Bahrain’s Ahli United Bank until December due to the coronavirus outbreak.
KFH obtained permission from the Central Bank of Bahrain to postpone the process “given the unprecedented circumstances relating to the COVID-19 pandemic,” it said in a filing to the Kuwaiti bourse.
Its shareholders approved what would be the Gulf’s first major cross-border bank merger in recent years.
“The postponement came under the guidance of the regulatory authorities in the two countries, to consider the suitability of the two banks’ conditions to this big step, after the coronavirus crisis and its implications,” a source close to the deal said.
Source Reuters