London-based Gatehouse Bank, a Shariah-compliant investment bank, announced that Richard Thomas OBE, will relinquish his current responsibilities as CEO and will move to Malaysia to link Islamic financial hubs.

In his new role within the bank, Thomas will spearhead this SE Asia business expansion and operations.

The bank has acknowledged the valuable contribution played by Thomas under his Chairmanship in the incorporation the Bank in 2007 and in obtaining its FSA authorisation.

Thomas took over as chief executive officer in August 2009 when the Bank was recurringly loss-making and worked closely with the board in establishing the new business model and franchise based on real estate investments and wealth management offerings and in the bank’s transformation to its current state of profitability, a statement said.

Fahed Boodai, chairman has been appointed as interim chief executive officer. – TradeArabia News Service