The abrupt resignation of Arab Bank’s former chairman, Abdel Hamid Shoman, in August 2012 marked the end of an 80-year reign for the Shoman family. Founded in Jerusalem in 1930 by Abdel’s late grandfather with paid-up capital of 15,000 Palestinian pounds, Arab Bank made history as the first private financial institution in the Arab world. It has since grown to become one of the Middle East’s largest banks, with $45.6bn in assets.
After serving at the bank for nearly 40 years, Mr Abdel’s resignation was prompted by a dispute over the way the bank was being managed. A new chairman, Sabih Al-Masri, was appointed to take over the reins at the end of August. In his first interview since the appointment, he talks to The Banker about his vision for taking the bank forward.