Europe Arab Bank Chief Executive Resigns

Tom Burroughes

17 April 2008

The chief executive of Europe Arab Bank, Phillip Monks, has resigned from the bank, EAB has told WealthBriefing. A spokeswoman at the bank's UK headquarters in London confirmed that Mr Monks, also a former top executive for Barclays, left the EAB last Sunday. WealthBriefing learned of his departure from a source familiar with the matter. The spokeswoman declined to say whether Mr Monks had moved to another business or what his future plans are. Mr Monks resigned to "pursue other opportunities", the spokeswoman said. Antoine Sreih, currently chief operating officer, becomes acting chief executive until further notice, she said. Mr Monks joined Arab Bank, which owns EAB, in December 2005 to establish EAB, a wholly-owned subsidiary of Arab Bank. A finance industry veteran, he has worked at UK banking group Barclays since 1982. In 2003, when Barclays acquired the retail stockbroker and wealth manager, Gerrard Investment Management from Old Mutual, Mr Monks was appointed managing director of the newly acquired business. He is a graduate from City University, London and is a civil engineer by training. In a statement about Mr Sreih's appointment as acting chief executive, EAB said: "Mr. Sreih stated that he was delighted to continue implementing the vision of Europe Arab Bank which remains a very significant strategic entity within the Arab Bank Group and will continue to drive forward its growth and development." Mr Sreih was appointed COO and executive board member of Europe Arab Bank in December 2005 and has held several senior appointments within the Arab Bank Group, a bank with offices in 30 countries and a history dating back almost 80 years. Alongside other parts of the Arab Bank group, EAB offers clients access to products including hedge funds, structured products and sharia-compliant investment products.