Trust and Commitment from the Start
Abdul Majeed worked hard under the guidance of his
father. Both Shomans spared no pains in safe-guarding the Bank and the
clients' interests. After the British Mandate Authority withdrew from
Palestine in 1948, the Bank lost its branches in Jafa and Haifa. When
customers who were obliged to flee outside the country asked for their
deposits, the Shomans insisted on fully redeeming all claims. This
decision won the Arab Bank a great reputation and became a historical
turning point in its growth: it fostered a strong commitment from the
Bank towards its customers and ingrained an enormous loyalty from its
customers, which prevails to this day.
The lost branches were re-established: Haifa branch
was relocated to Beirut followed by Amman, Jaffa branch in Nablus and
later Ramallah. When the branch in Jerusalem was caught up in the civil
disturbance, the Bank’s activities were moved to offices within the old
city of Jerusalem.
In 1948, the Bank’s headquarters were transferred to
Amman, Jordan, where it was officially incorporated as a public
shareholding company.
A Catalyst for Arab Economies
The decades following were considered a period of
rapid expansion; during the 1940’s and 1950’s, the Bank expanded its
network of branches in the Arab World with 43 branches extending
throughout the Arab World, and a growing capital which has grown to
reach JOD 5.5 Million.
Through extensive investments in a wide range of new
industries and public projects extending from Casablanca to Baghdad, the
Shomans’ new Arab Bank acted as a catalyst for Arab economic
developments during a period when no one was willing to take the risk.
Arab Bank loans created jobs for more than 100,000
employees. In Jordan the Bank’s loans for new cement, textile and food
processing plants enhanced the country’s growth rate to become second
after oil-rich Kuwait in the Middle East. Aside from commercial loans,
Shoman gave millions of his own and the Bank’s money to educate hundreds
of Arab students by sending them to Universities in the west.
Ironically, the unschooled Shoman built a USD 600,000 teachers training
college in his native village of Beit Hanina.
Nationalization
The 1960's brought along a wave of Nationalization
which swept the Arab World as country after country gained independence
from British and French colonial rule. Branches in Egypt and Syria were
nationalized in 1961, Iraq in 1964, Aden in 1969, and finally Sudan and
Libya in 1970. Within a period of ten years, Arab Bank lost a total of
25 branches. When Israel occupied the West Bank and the Gaza Strip in
1967, more branches were closed.
Undaunted, the Bank carried on its expansion. In
1961, the Bank opened its first international location, becoming the
first Arab financial institution to establish a presence in
Switzerland. A sister institution, Arab Bank Switzerland was established
in Zurich 1962 with another branch in Geneva opening in 1964.
Even in turbulent times, the Arab Bank never
defaulted on a single payment to any of its customers or partners,
honoring all of its commitments regardless of the political and
economical environment.
Steady Expansion
The 1970s were focused on the newly emerging oil economies of the Gulf while steadily expanding in its new home base, Jordan.
Abdul Majeed Shoman became Chairman and General
Manager of Arab Bank after his father passed away in 1974, whereby he
carried on his father's mission. The Bank was already well-established
with a sound financial reputation and structure. Abdul Majeed was
determined to expand the Bank's activities, and set out to open new
branches world wide.
Global expansion continued with the opening of
branches in Frankfurt, London, Australia, New York, Singapore as well as
many other cities. After the signing of the Palestinian-Israeli Oslo
Peace accords, Arab Bank was invited to return to the Palestinian
territories to open a network of branches in several Palestinian towns.
Parallel to growing in size, Arab Bank expanded its
scope of products and services into new areas of business. Previously
emphasizing on trade and small scale construction finance, the Bank
undertook a leading role in large scale project finance, both directly
and through participation in syndicated loans. By the 1990’s, Arab Bank
added investment banking to its established services. With more than 30
years of experience at the Bank, Abdul Majeed’s son, Abdel Hamid,
succeeded to occupy the position of CEO in May, 2000.
Shoman’s vision combined with courage and
determination navigated the Bank through difficult periods, and expanded
his enterprise beyond its goals across the Arab World and beyond.
Arab Bank Today
Abdul Majeed Shoman passed away on July 5th, 2005. His son was elected Chairman upon his father’s
death.
In 2005, the Arab Bank reopened operations in Syria,
and performed necessary preliminary arrangements to commence its
activities in Iraq, circumstances permitting.
In 2006, Arab Bank was granted the green-light to
establish Europe Arab Bank (EAB), a London-based, fully-owned
subsidiary, acquired 50% of MNG Bank in Turkey, and 50% of Al Nisr Al
Arabi Insurance company in Jordan, thus introducing Bancassurance to its
product variety.
Today, the Arab Bank Group has the largest Arab
banking branch network world-wide, with over 500 branches in 30
countries, spanning 5 continents.
The Beginning of the Journey
Shoman decided to return to Palestine. No sooner had
he arrived home for the first time since he left to the new world than
he arranged for a meeting in Cairo with Tal’at Pasha Harb, the Chairman
of the Board of Directors of the Bank of Egypt. Shoman proposed the idea
of establishing a joint Egyptian-Palestinian bank, with a capital of
100,000 Palestinian Pounds; however, political developments in the
region forced Harb to put the project on hold.
Nonetheless, Shoman was determined to move forward.
With seven investors, and a startup capital of 15,000 Palestinian
Pounds, Arab Bank was registered on May 21st, 1930, and commenced its operations in Jerusalem on July 14th of the same year. Finally, Shoman’s vision was fulfilled.
Profile
Our mission has been the road map for leading to the
bank's significant role in developing Arab economies through financing
strategic infrastructural projects across the Middle East /North Africa
region (MENA).
With Headquarters based in Amman, Jordan, the Arab
Bank constitutes the first private sector financial institution in the
Arab World.
Using: In 2009, Arab Bank Group achieved pre-tax
profit US $782.8 million; total assets reached US $50.6 billion, while
shareholders' equity equaled to US $8.1 billion.
The Arab Bank has an unmatched Global Arab branch
network with 500 branches spanning 30 countries in 5 continents. We
enjoy prominent positions in key financial markets and centers such as
London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and
Bahrain.
We offer a variety of products and services covering
four major areas: Personal Banking, Corporate and Investment Banking
(CIB), AB Private Banking and Treasury, which are catered to serve the
needs of individuals, corporations, government agencies and other
international financial institutions.
Board of Directors
The Board continuously protects and enhances
shareholders’ long-term value by taking responsibility for the Bank's
overall corporate governance.
Arab Bank’s Board of Directors is composed of 11
members elected for a period of four years by the General Assembly; the
next election will occur in 2010. Members possess a wide range of skills
and expertise, enabling them to present valuable contributions. The
Board meets at least six times a year and has set out an agenda for each
meeting.
Click on the 
icon to view member's Curriculum Vitae;
icon to view member's Curriculum Vitae;
BOARD MEMBERS:
Abdel Hamid Shoman
Chairman
Chairman
Sabih Taher Masri
Deputy Chairman
Deputy Chairman
Saleh Ben Sa’ad Al-Muhanna
Representative of Ministry of Finance, Saudi Arabia
Representative of Ministry of Finance, Saudi Arabia
Nazek Al Hariri
Member
Member
Samir Farhan Kawar
Member
Member
Riad Burhan Taher Kamal
Member
Member
Mohammed Ahmad Al-Hariri
Member
Member
Ibrahim Izzeddin
Representative of Social Security Corporation
Representative of Social Security Corporation
Sherif Fares Sharaf
Representative of Abdel Hamid Shoman Foundation
Representative of Abdel Hamid Shoman Foundation
Wahbeh Abdullah Tamari
Member
Member
Dina Mohamed Abdel Hamid Shoman
Member
Member
Ghaith Mismar
Secretary General/ General Legal Counsel
Secretary General/ General Legal Counsel
Values
Protect my capital, protect my community, protect my staff, and protect my name…
and from that, everything else will follow.
and from that, everything else will follow.
- The Late Abdul Majeed Shoman (1912 – 2005)
Trust – True to our history, we will always protect the interest of our customers.
Commitment – We are fully committed to the region, dedicated to the people and economies.
Citizenship – We are active corporate citizens, fostering the growth and advancement of our communities.
Service Excellence – We strive to deliver world class service and a great customer experience.
Customer Focus – Our customers come first and everything is centered around their needs.
Empowerment – We invest in our people and provide them with the opportunity to grow.
Teamwork – We promote teamwork and collaboration within the Group and across Businesses.
Transparency – We value open and clear communications, earning us confidence and trust from our customers, shareholders and employees.
Human Asset
"The Bank can only be as good as the people who
are responsible for its operations at all levels, and across all
geographical locations.”
- Abdel Hamid Shoman Chairman & CEO
Top Management
Abdel Hamid Shoman
Chairman
Chairman
Nemeh Sabbagh
Chief Executive Officer
Chief Executive Officer
Dr. Ghaith Mismar
Secretary General / General Legal Counsel
Secretary General / General Legal Counsel
Ghassan Tarazi
Chief Financial Officer
Chief Financial Officer
Michael Matossian
Head of Regulatory Compliance
Head of Regulatory Compliance
Georges El Hage
Head of Risk Management
Head of Risk Management
Tony Marcello
Head of Treasury
Head of Treasury
Mohamed Ghanameh
Chief Credit Officer
Chief Credit Officer
Naim Al Hussaini
Head of Consumer Banking
Head of Consumer Banking
Marwan Riyal
Head of Human Resources
Head of Human Resources
Basil Abdel Nabi
Head of Information Technology
Head of Information Technology
Dina Shoman
Head of Branding
Head of Branding
Ghada Bahous
Head of Operations
Head of Operations
Mohammed Tanbouz
Head of Real Estate & Constructions
Head of Real Estate & Constructions
Ziyad Shawwa
Head of Procurement
Head of Procurement
People
Overview
We owe our success to the thousands of highly qualified professionals around the world who constitute the backbone of our institution.
We owe our success to the thousands of highly qualified professionals around the world who constitute the backbone of our institution.
Arab Bank is an equal opportunity employer. Arab
Bank PLC employ over 6,500 employees worldwide, coming from various
backgrounds and ethnic origins. Women constitute almost 35% of Arab
Bank'PLC's community world-wide.
While we consider diversity as our strength, we also
place strong emphasis on the educational qualifications of our
professionals. More than 70% of our staff holds a graduate and
postgraduate university degree, creating a highly professional work
environment for our clients' comfort.
Training & Growth
We offer numerous training and educational opportunities for our employees, where 1,082 training courses were offered during 2008, constituting of 3,743 training days, with a total number of 8,319 trainees.
We offer numerous training and educational opportunities for our employees, where 1,082 training courses were offered during 2008, constituting of 3,743 training days, with a total number of 8,319 trainees.
In addition to the regular training courses offered
by the Bank throughout the year, Arab Bank is considered a market leader
in introducing special talent management programs targeting both, fresh
graduates as well as existing high performing staff. Currently, we are
running the following two strategic training programs:
-
Ruwad "Pioneers" Program: a strategic program aiming at selecting best pool of talents among fresh graduates locally & abroad, training & developing them to be the future bankers of Arab Bank. These prospects will go through an intensive 3 – 4 months intensive theoretical and practical training programs , covering various technical banking courses & individual development programs . Our aim is to attract, retain and promote development prospects from within.
-
Qeyadat "Leaders" Program: a strategic program aiming at identifying & selecting existing promising & development staff, placing them on a fast track intensive development program to be the future leaders of Arab Bank. These prospects will undergo an intensive theoretical and practical training covering various advanced aspects of banking, management & leadership skills.
Financials
Arab Bank Group Annual Report 2010 (PDF)Arab Bank Group Semiannual Report 2010 (PDF)