Gulf Finance House Forms New Investment Banking Division (GFH Capital) and Appoints Group Deputy CEO

Published December 22nd, 2009 - 02:33 GMT

Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced today that the Board has appointed Mr. Ted Pretty as Group Deputy CEO of the Bank.

The Chairman Dr. Esam Janahi commented on the announcement saying, "As part of our plan to build a broad and highly experienced management team the Board is pleased to announce the appointment of Ted Pretty as Group Deputy CEO.  Ted joined GFH in October from his prior role as Executive Director Macquarie Capital.  His background in investment banking and his Board level and senior executive experience ensure he is ideally qualified for this position.  Even at this early stage with GFH, Ted has demonstrated real leadership qualities and I am happy he is now able to contribute to the Group in this enhanced role.“

GFH Group CEO, Mr. Ahmed Fahour announced the formation of its new integrated investment banking platform called GFH Capital which Mr. Ted Pretty will oversee as part of his new role as Deputy Group CEO. Speaking about the announcement today, Mr. Fahour said, "In his short time with GFH Ted has demonstrated his ability to lead and motivate our teams to build a new platform for growth."

Mr. Pretty added, "I am extremely pleased to be given this opportunity to lead GFH Capital. GFH Capital will incorporate our existing Investment Management Group, our Investment Placement Team, led by Muhannad Hamad, and it will aggressively pursue our investment banking goals."

"This new division will be the prime interface to our investors and also our global partners including Macquarie Group. Macquarie Group is also likely to be mandated on specific asset sales and some new initiatives for 2010.”

GFH also confirmed that in light of its successful capital raising, asset sales and placement of a US$100m convertible murabaha with Deutsche Bank, it has reached agreement with Macquarie Group not to proceed with the second murabaha. GFH believes that it has more than adequate cash reserves and this decision will reduce our exposure to debt and further shareholder dilution.

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