The Bank ABC Group recently announced a new management structure that aims to accelerate the execution of its growth strategy and continue the momentum towards a more consistent and value driven operating model to better serve the needs of its clients.

The key objectives of the new structure are to reinforce the integration of the group’s units, which span 18 countries across five continents; to strengthen the management and structure of the wholesale banking business; and to simplify and align the operation of the senior management team, the bank said.

Sael Al Waary has been appointed as the deputy group chief executive officer (Deputy Group CEO) of the bank and will lead the effective execution of the bank’s global strategy. He will interface with group functions and businesses in all geographies. The CEOs of Bank ABC’s subsidiary banks and other units across the bank’s network will report to him.

Paul Jennings is appointed CEO of Bank ABC for Europe and America, in addition to his current functions as managing director for Bank ABC in the UK. He will report to the Deputy Group CEO and oversee the two centres. He will also leverage the synergies in the bank's business between the Europe and America, as well as from the Mena countries.

With a focus on strengthening the management of Bank ABC’ Wholesale Banking business globally, Jonathan Robinson has been appointed group head of wholesale banking and will report to the Group CEO. Wholesale Banking will encompass two main business pillars; namely, Wholesale Coverage and Wholesale Products, working in close partnership with the Financial and Capital Markets businesses, to deliver the best client experience possible across the Bank’s network and deepen its client wallet share, the bank said.  

Recognising the importance of Group Treasury and Financial Markets and the need to have close collaboration with Wholesale Banking, Finance and Risk, Christopher Wilmot, group head of Treasury and Financial Markets will report directly to Group CEO.

The group chief financial officer Brendon Hopkins will have responsibility for the group balance sheet management, a new function created to set policy and strategic plans for capital, liquidity and portfolio allocation and management in close collaboration with Risk and the Corporate Treasury. Continuing to report to the Group CEO, Hopkins will also add responsibility for managing M&A and Investor Relations within the ambit of Group Strategy.

Another change from a governance perspective is to recognise the importance of compliance in today’s banking environment. Sharon Craggs, group head of compliance, will therefore report directly to the Group CEO. Also, Banco ABC Brasil will continue to report to the Group CEO.

Dr Khaled Kawan, Bank ABC’s group chief executive officer, said: “The new structure is in line with best market practice and is targeting an organisational model that is simpler and more coherent. Our aim is to deliver a structure that can be easily understood by our clients, staff, regulators and other stakeholders, while bringing greater purpose to our overall strategy to grow the bank.”

Bahrain-based Bank ABC is a leading international bank operating from presences across Mena, Europe, Asia, US and Brazil and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, debt capital markets, syndications, treasury products and Islamic banking. It also provides retail-banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria. - TradeArabia News Service