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Faisal private bank chief executive resigns

Mon Dec 21, 2009 6:02am EST

* Faisal says CEO Marco Rochat has resigned * Comes after news of problems with real estate portfolio

* Parent Ithmaar bank names new chairman

ZURICH, Dec 21 (Reuters) - Faisal Private Bank's Chief Executive Marco Rochat has resigned, effective from the end of 2009, a spokeswoman for the Geneva-based subsidiary of Bahrain-listed Ithmaar Bank ITHMR.BH said on Monday.

The resignation comes just days after news of problems with Faisal's real estate portfolio which had led the bank to ask clients for cash injections or risk the foreclosure of some of its properties.[ID:nLC682749]

"The board is in the process of finding a replacement will make an announcement in due course," the spokeswoman told Reuters.

Separately, Ithmaar said on Sunday its board had elected Khalid Abdulla-Janahi as executive vice chairman, effectively demoting him from his current position of chairman.

His Royal Highness Prince Amr Mohammed Al Faisal has replaced Janahi as chairman, Ithmaar said. (Reporting by Martin de Sa'Pinto; Editing by Greg Mahlich)



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