Bahrain's GFH begins restructuring process

Gulf Finance House, a Bahrain-based Islamic investment bank, yesterday said it was restructuring the company "to align with its business strategy".

The model comprises two specific businesses; the first, GFH Real Estate and Infrastructure will house existing Energy City and Financial Harbour Initiatives and further real estate interests and projects. The second business, GFH banking, will comprise three business units including investment management, investment banking and Islamic commercial banking.

GFH Group CEO Ahmed Fahour said: "This is a very significant moment in the history of GFH.

"Our new adapted business model will allow us to extract maximum value from our existing initiatives while establishing a refined GFH banking operation that delivers world class Islamic financial services."

"I'm also delighted that Ted Pretty, a leading investment banker with vast international experience, will be joining us as CEO of the Investment Management division of the GFH banking business," he said.

"In addition, Salah Rahimi has been appointed as the CEO of the Real Estate and Infrastructure business. These appointments are critical to the future success of the bank."

GFH also announced a number of internal promotions including John Wright as Group COO, Chandan Gupta as Group CFO, Jinesh Patel as Group Head of Strategy and Marketing and Essa Maseeh as Head of Group Risk Operations.

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