Ithmaar Bank, a leading publicly quoted investment bank based in Bahrain, has announced the appointment of Mr. Michael Lee as the Bank’s new Chief Executive Officer.
Mr. Lee brings with him over 34 years experience in international finance and a deep knowledge of the region. He has resided in the Kingdom of Bahrain since 1992, and, prior to his appointment at Ithmaar Bank, he was Deputy Chairman & Managing Director of Emerging Markets Partnership (Bahrain), the General Partner and Manager of the Islamic Development Bank (IDB) Infrastructure Fund. This pioneering regional private equity fund, headquartered in the Kingdom of Bahrain and investing in private sector infrastructure, was co-founded by IDB, Dar Al-Maal Al-Islami (DMI) Trust and EMP.
“I am delighted to welcome Michael to Ithmaar Bank at the onset of its transformation into a dynamic and forward looking institution pursuing an aggressive growth-oriented strategy,” said Mr. Khalid Abdulla Janahi, Chairman of Ithmaar Bank.
“Michael’s broad international experience and his deep understanding of the international and regional markets will be a tremendous resource to the Bank, as it pursues its mission of becoming the region’s leading investment bank with a global focus.”
Mr. Lee, whose appointment will be effective from 1 January 2007, is an Oxford graduate. Mr. Lee was trained at Chase Manhattan Bank. In 1973, he joined Merrill Lynch, spending over 10 years in London, Hong Kong and New York in commercial and investment banking and general management. From 1979-81, he was Director of Corporate Development, Merrill Lynch International & Co., New York and, from 1981-84, as Managing Director, he headed Merrill Lynch's international investment banking group responsible for Financial Institutions/Private Placements. This group pioneered and led the market for Euronote revolving underwriting facilities.
From 1984-88, Mr. Lee was the Chief Executive Officer of Dean Witter Capital Markets International Ltd., London and Managing Director, Corporate Finance of Dean Witter Reynolds Inc., New York. Internationally Dean Witter established a reputation for innovation in managing, underwriting and trading listed Eurobonds and managing private placement for multilateral, governmental and corporate clients.
In 1992, Mr. Lee became a Senior Advisor at Bahrain's then Ministry of Finance & National Economy, providing inter alia, strategic advice on the development and regulation of the Bahrain international financial centre.
Regarding his appointment as Ithmaar Bank Chief Executive Officer, Mr. Lee said: "I am delighted and honored to join such a broad-based group having great potential for further development.”
Ithmaar Bank’s subsidiaries and associates, operating in commercial and retail banking, Takaful, (Islamic insurance), leasing and in investment banking and private banking in selected national markets, all have high quality professionals. In addition, the recent initial public offering provided the Bank with substantial capital, which could facilitate expansion where this would meet profitability requirements.
“I look forward to augmenting the Bank’s outstanding senior management team of professionals who can help us quickly establish a strong market presence in international investment banking and capital market activities, and successfully implement new project initiatives of the Bank.
“I am confident that, over the next few years, Ithmaar Bank will be able to develop significant and profitable market shares a number of areas and play a significant part in profitably expanding investment flows between the Middle East and Asia Pacific.”
