UAE’s biggest Islamic finance institution, Abu Dhabi Islamic Bank (ADIB), has promoted in its current Chief Operating Officer Mr. Sandeep Chouhan as its new Interim CEO as its group chief executive Mr. Mazin Manna left the organization yesterday. The board has already started the process of finding a replacement.
The bank made the disclosure in a statement to the Abu Dhabi Securities, where its shares trade. ADIB did not present a rationale for Mr. Manna’s exit. The former CEO entered the bank in March 2019 and had earlier handled various designations at Credit Agricole and Citigroup.
“On behalf of ADIB’s board of directors and the bank’s executive management team and workforce, I extend my sincerest appreciation to Mr. Mazin for his invaluable contributions and achievements during his tenure with ADIB.”
Mr. Chouhan a 25-year banking veteran, joined ADIB in April 2020 from Mashreq Group where he was the COO.
At the end of March ADIB obtained shareholders’ approval to increase its foreign ownership limit to 40 percent, up from the current 25 percent, as the banker considered growing its investor base. Stockholders also passed a dividend of 27.38 fils per share for 2019 at its annual general meeting. ADIB reported a 4 percent climb in the full-year net profit in 2019, to Dh 2.6 billion.