VCBANK APPOINTS A NEW BOARD OF DIRECTORS AND SHEIKH MOHAMED BIN DUAIJ ALKHALIFA AS THE CHAIRMAN
VCBANK APPOINTS A NEW BOARD OF DIRECTORS AND SHEIKH MOHAMED BIN DUAIJ ALKHALIFA AS THE CHAIRMAN
Manama – 7 February 2023 – Venture Capital Bank (“VCBank”), an Islamic wholesale bank licensed by the Central Bank of Bahrain (“CBB”), today announced that Sheikh Mohamed Bin Duaij Alkhalifa has been appointed as Chairman of the Bank effective 31st January 2023. He succeeds Mr. Abdulfatah Marafie who served as Chairman from October 2016 to 30 September, 2022. While the position of Vice Chairman will be held by Mr. Ahmed Abdulrahman.
Sheikh Mohamed will chair a new Board of Directors for the bank that comprises Mr. Ahmed Abdulrahman as Vice Chairman, and board members Mr. Bashar Mohamed Almutawa, Mr. Isa Jawaheri, and Mr. Robert C. Wages, who in addition is the Chief Executive Officer of the bank.
Commenting on the appointment, Sheikh Mohamed said, “I am pleased to take on this role as VCBank implements its growth strategy. The bank is currently undertaking measures to strengthen its core performing investments while generating favourable exits for non-core assets, and I am confident that with the guidance of the board and a new management team, the bank can focus on and build on its existing strengths.”
A majority stake of VCBank was recently acquired by Esterad Investment Company B.S.C (Esterad), a Bahrain based Investment Company established in 1973 and publicly listed in Bahrain Bourse. The principal activity of Esterad is to invest in a wide-range of investment assets locally and internationally with a focus on public markets, private equity and real estate.
Sheikh Mohamed has 14 years of experience in various senior executive positions where he developed and implemented turn around strategies for non performing investment companies. He is currently the Chairman of Britus International School for Special Education. Sheikh Mohamed holds an MBA with Distinction from New York Institution of Technology and a Bachelor’s degree in Business Administration and Management from Saint Edward’s University, Austin, Texas.
Sheikh Mohamed added: “I am looking forward to working with the board in this next phase of growth for VCBank. I would like to extend gratitude to Mr. Abdulfatah Marafie for his stewardship of the Board over the past 6 years, and congratulate Mr. Ahmed Abdulrahman on his appointment as Vice Chairman.”
About Venture Capital Bank BSC (c)
Venture Capital Bank (“VCBank”) is a prominent provider and manager of alternative investment products, serving high-net-worth private and institutional clients in the Gulf Cooperation Council countries from its Headquarters in the Kingdom of Bahrain. The bank, which pioneered Sharia compliant venture capital in 2005, manages a diversified and growing portfolio with a global investment footprint that spans the MENA region, the United States and Europe. VCBank operates under an Islamic wholesale banking licence from the Central Bank of Bahrain, the bank leverages an experienced multinational team, and an international network of trusted investment partners.