Ajman bank loses fifth chief executive in four years

Ajman Bank has lost its fifth chief executive within four years.

The bank announced yesterday in a statement to the Dubai Financial Market that Mohammed Zaqout "has been terminated from the services of the bank" with immediate effect. The bank's chief financial officer, Seifeldin Abdelkareem, has taken over as interim chief executive.

Mr Abdelkareem becomes the sixth holder of the position, acting and otherwise, at the bank in the past three-and-a-half years.

A former chief executive, Yousif Saleh, was abruptly relieved of his position in April 2009, with four senior executives departing two months later. No reason was given for their departures.

In a further statement released yesterday, the bank said that its board of directors had decided not to confirm Mr Zaqout in his role as chief executive, and that the decision to part ways with him had been taken “by mutual consent”. No reason was given for the decision.

A spokeswoman for the bank said that there was no word yet on whether Ajman would appoint a new chief from existing staff or whether it would look for a candidate from outside.

Mr Zaqout’s tenure as chief lasted for just six months. He was appointed in April after serving as regional head of retail banking for the Levant and North Africa for Arab Bank. He did not respond to an emailed request for comment.

Ajman Bank reported profits of Dh13.3 million for the six months to June, up 13 per cent on the year-earlier period, with revenue growth up 21 per cent. The bank’s assets grew to Dh6.12 billion at the end of June from Dh5.48bn at the end of 2012.

Ajman Bank’s shares were unchanged at Dh2 at yesterday’s close.