Bahrain's housing bank Eskan said its general manager Sabah Khalil Almoayyed has stepped down and deputy GM and executive director for banking operations Ahmed Tayara has been named the acting general manager.

However, Almoayyed will continue serving as a board member and member of the executive committee, reported the Gulf Daily News, our sister publication.

The bank's board of directors accepted her resignation and appointed deputy general manager and executive director for banking operations Ahmed Tayara as acting general manager from next month.

Housing Minister and bank chairman Bassem Al Hamer paid tribute to Almoayyed for dedicated work over nine years.

He also hailed her crucial role in stabilising the bank and reducing its dependence on the government in funding social housing programmes for citizens.

Citing updated figures, he said that the assets of Eskan Bank topped BD533 million ($1.4 billion) by the end of last year.

He also stressed her pivotal role in spearheading a string of housing projects and initiating new funding solutions.

Almoayyed thanked the bank chairman, board members and executive officials for their support.-TradeArabia News Service