First Leasing Bank (FLB), the first bank in the GCC specialising in industrial equipment leasing, held a handover ceremony at which outgoing CEO James Cracco formally passed the reigns on to new CEO Gregory T Brinkerhoff.

Brinkerhoff comes to First Leasing Bank from Oracle Corporation in California, US, where he was part of the senior management team which drove Oracle’s vendor financing programme through its first major growth phase, increasing vendor financing to over $1 billion annually.

As part of the senior management team, Brinkerhoff spent 15 years with Oracle Corporation developing and managing lease financing programmes in North America, Asia Pacific and Europe.

“The equipment leasing industry in the Gulf is still in its infancy, and, as the pioneer of equipment leasing in the GCC, First Leasing Bank is well positioned to capitalise on its potential for growth. While many challenges still lie ahead for me in my new role, the Bank, under Jim’s guidance, has built a solid foundation for itself from which to further expand its business regionally,” said Brinkerhoff.

Earlier this year, First Leasing Bank recorded a net profit of $4.5 million for the year ended December 31, 2007. The bank last year completed a successful capital increase, which saw its capital base rise to $100 million.

Under the nank’s new board of directors headed by Khalid M Kanoo, First Leasing Bank has mapped out a strategy to expand within the Middle East region, add to its portfolio and diversify its asset base.

The ceremony and reception was held at the Gulf Hotel and attended by FLB Chairman, Khalid M. Kanoo, members of the board of directors, executive management, staff and business clients from the region.

“Jim has accomplished a lot in the last three years and leaves the bank a profitable venture and a pioneer in this new market. We wish him success in his future endeavors. I would also like to welcome Greg. We are confident that, with his broad experience, he will be able to take the Bank to new heights,” said Kanoo. – TradeArabia News Service