Chief Executive Officer of Kuwait Finance House (KFH) Mohammad Al-Omar has unveiled plans to restructure, merge or sell unprofitable affiliates as well as restructure the bank’s administration and financial department.
Speaking to the KFH General Assembly, held here with the presence of more than 50 percent of the shareholders, Al-Omar said that the KFH restructure plan, outlined in cooperation with international consultants and approved by the bank’s board of directors, includes the appointment of new leaders, KUNA reported. He, however, noted the Central Bank of Kuwait has not approved the names of the new leaders yet.
Al-Omar added restructure plan features the creation of separate sectors for banking, investment, operations and wealth management. He disclosed that there are also demands, based on studies, for capital accretion and creation of governance and inspection committee. KFH CEO, however, attributed the decline in KFH profitability to the difficult economic situation across the globe and some operational problems that could be overcome. Taking this into account shows that the final results of KFH in 2011 were very good, Al-Omar said.