VCBank elects Abdulfatah Marafie Chairman of the Board

3rd November 2016

Venture Capital Bank (VCBank) announced today the election of Mr. Abdulfatah Marafie as Chairman of the Board of Directors, and Mr. Mohammed AlSarhan as Deputy Chairman. These appointments follow the departure of Dr. Ghassan Al-Sulaiman, due to his ministerial appointment as Governor of the General Authority of Small and Medium Enterprises in the Kingdom of Saudi Arabia.

Mr. Marafie, is a founding shareholder and has been serving as Deputy Chairman of VCBank since its inception in 2005, during which time he contributed significantly to executing VCBank's initiatives and achieving its strategic goals. He played a big role in the establishment of the Bank, where his influential guidance contributed greatly to the successful development and growth over the years. He is a prominent Kuwaiti businessman with over 36 years of experience, primarily in real estate.  In addition to VCBank, Mr. Marafie currently holds the positions of Chairman of Commercial Real Estate Company (Kuwait); Chairman & General Manager of Mozon Investment Holding Company (Morocco); and Chairman of Commercial Real Estate Development Company (Bahrain). He also serves as member of the Board of a number of private sector companies, namely Amar Financing & Leasing Company (Kuwait), Saudi Venture Capital Investment Company and Bayan Realty Company (Saudi Arabia), Goknur Foods Company and TOPSU (Turkey), in addition to his board membership of two major Kuwaiti public sector organizations, namely the Public Institution for Social Security; and the Supreme Council for Planning & Development.

Mr. AlSarhan has served as Board Member of VCBank since 2012. He has over 38 years of experience. He currently serves as Chairman of Al Safi Danone and Vice Chairman of National Shipping Company (Saudi Arabia), in addition to board memberships in various companies including Al Faisaliah Group Holding, European Islamic Investment Bank, Saudi Fresh Dairy Board, Saudi Civil Aviation Holding Company and Qatar Engineering & Construction Company.

Commenting on his appointment as Chairman of VCBank, Mr. Marafie said: "VCBank has built dynamic and longstanding client relationships with a sustained and bold strategy, supported by compelling investment products and consistent returns. After over 10 years of growth, we are taking steps to begin a new chapter in our success story, as we continue to develop VCBank along the same principles laid by my predecessor Dr. Ghassan Al-Sulaiman, who I believe is a natural choice for his new position of responsibility in view of his outstanding achievements at VCBank, and I wish him continued success. I am also looking forward to working with our Deputy Chairman Mr. Mohammed AlSarhan, who has demonstrated excellent knowledge and experience for VCBank to achieve further growth and development of its services and products".

VCBank Board Member and Chief Executive Officer, Mr. Abdullatif Mohamed Janahi, said: "I would like to extend my sincere congratulations to our Chairman Elect Abdulfatah Marafie, and our new Deputy Chairman Mr. Mohammed AlSarhan, and my best wishes to Dr. Ghassan Al-Sulaiman in his new ministerial appointment. It has been a distinct honour and privilege to work closely with them over the past years, and witness the successful establishment and evolution of VCBank under their prudent leadership, and the creation of VCBank's strong team of the highest professional caliber, which has formed the cornerstone of our success. We will work together to improve our record of accomplishments, focusing on the growth of our investment portfolio, building our innovative product range, delivering better products and services to our clients, and maximizing value to our shareholders."