The Securities House strengthens UK operations by combining capital markets and asset management businesses within Gatehouse Bank
3rd August 2009
The Securities House K.S.C.C., a leading Shariah compliant investment company listed on the Kuwait Stock Exchange is to bring together its London based subsidiary companies Gatehouse Bank plc and GSH UK into one organisation under the Gatehouse Bank brand.
The combined organisation will benefit from the strength of Gatehouse Bank in capital markets services and GSH UK's skills in asset and fund management, creating an even stronger business with which to approach the growing opportunities in Shariah compliant financial markets, both in London and worldwide.
The two organisations have already worked together closely on a number of projects in the real estate sector and further opportunities have been identified in trade finance and liability risk management.
The transaction will be completed via the acquisition of the assets and liabilities of GSH UK by Gatehouse Bank plc.
As a result of these changes, the Board of Gatehouse Bank has appointed Fahed Faisal Boodai as Chairman of Gatehouse Bank and Richard Thomas will become Chief Executive Officer, relinquishing his roles as Managing Director of GSH UK and non-executive Chairman of Gatehouse. He replaces David Testa, who is stepping down and will leave the bank. These changes are occurring with immediate effect.
Fahed Faisal Boodai, Chairman of Gatehouse Bank said, 'The Securities House believes that the Shariah compliant finance markets will continue to grow rapidly. We believe we will be better able to exploit business opportunities by combining our strength in capital markets and off balance sheet investments. Integrating our London based operations into Gatehouse Bank will bring together our financial resources, staff skills and business experience to deliver superior service to our clients and better value to our shareholders.'
'In Richard Thomas, we have a CEO with nearly 30 years of experience in Shariah compliant finance, who understands all aspects of the enlarged business. The Board would like to thank David Testa for successfully launching Gatehouse Bank and establishing it in the market. We wish him well in the future.'
Richard Thomas, CEO of Gatehouse Bank said, 'We are looking to the future with a sound platform already in place in the heart of the City of London. Gatehouse Bank has built an enviable depth of professional talent and a reputation for probity in matters of Shariah compliance while mobilising that talent to deliver an award winning existing product range in a short time.
'I am delighted that our shareholder has the confidence to set us the task of now forging ahead into new markets with new products, combining the capital markets skills of Gatehouse Bank with the asset management skills of GSH UK. We see strong opportunities for the Islamic Financial Services industry in Europe and the deepening of established markets such as Malaysia. We believe that from London we can best serve our clients and shareholders by building counterparty relations and strategic initiatives in these centres to complement our traditional strength in the GCC.'
In a career spanning 29 years in Merchant and Investment Banking in the City of London, the last 25 years have been entirely in "Islamic Financial Services" and dedicated to establishing the Islamic economic model as viable in the heart of the City of London. Richard has previously worked for Saudi International Bank, United Bank of Kuwait and Arab Banking Corporation, helping set up the Islamic asset management units in each one. He left ABC in 2007 to follow the vision of Mr Ayman Boodai, set up GSH (UK) Ltd and join the foundation committee to set up Gatehouse Bank plc from scratch.
Richard is a Fellow of the Securities & Investment Institute (SII). He is member of the UK Trade & Investment (UKTI) Financial Services Sector Advisory Board and Chairman of the Islamic Finance Sub Group. Richard is recently appointed by UKTI as Special Representative for Kuwait. In addition he is an HMRC Tax Advisory Group member (IFS). He is also a British Expertise Advisory Council Member and a member of the Global Association of Risk Professionals (GARP). GSH UK is a member of the Middle East Association.
For all media enquiries, please contact:
Angelena Lee
Gatehouse Bank plc
Email : info@gatehousebank.com