The board of Arab Bank, Jordan's largest lender, has elected Sabih al-Masri to take over at the helm of the bank after the resignation of Abdel Hamid Shoman this month in a dispute over the chairman's power.
Shoman abruptly resigned on August 16 after the board and key shareholders failed to back him in a power struggle with Chief Executive Nemah al-Sabbagh, in which Shoman was accused of meddling in the day-to-day running of the bank.
In a letter of resignation, Shoman said the management of the bank, founded by his family in Jerusalem and one of the Middle East's largest financial institutions, had steered away from it's founders' vision.
In a news conference with board members, Masri, who has large investments in the hotel industry and agro-business, said he was elected unanimously by the board.