The chairman of Jordan-based Arab Bank, Abdel Hamid Shoman, resigned on Thursday after a dispute with key shareholders and the bank's chief executive, he said in an internal memo seen by Reuters.
Sources at the bank, one of the Middle East's largest financial institutions, said key shareholders failed to back
Shoman, whose family founded the bank in Jerusalem, after a months-long dispute with CEO
Nemah al-Sabbagh over his management of the bank came to a head.
"We refuse to be part of a bank which has strayed from the founder's vision for it," the memo, which was sent to the bank's employees and signed by Shoman and his wife and daughter, who also resigned as board members, read.
I think they will look for new CEO as soon as possible to come back in business.
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