For Immediate Release					3rd June, 2002


TAIB BANK ANNOUNCES INDUCTION OF A BAHRAINI DIRECTOR 

Bahrain-based investment bank, TAIB Bank E.C., has inducted Mr Farouk Yousuf Khalil Almoayyed, Chairman of the reputed Y.K. Almoayyed Group in Bahrain, as a member of its Board of Directors. 
Briefing the press in Bahrain today, Mr Iqbal G. Mamdani, Vice Chairman and Chief Executive Officer of the Bank said "We are particularly pleased  to announce that the Chairman and the Board of Directors of the Bank have unanimously approved the induction of Mr Farouk Almoayyed, Chairman of the Almoayyed Group of companies in Bahrain, to the Board of Directors of the Bank. Mr. Almoayyed is a renowned and eminent industrialist in Bahrain. A mechanical engineer by qualification and profession, he needs no introduction in the financial markets of the GCC, as he has been continuously connected with several banks and financial institutions,  such as the National Bank of Bahrain (of which he is currently Deputy Chairman), Gulf Union Insurance and Reinsurance Co., the erstwhile Al Ahli Commercial Bank, Arab Banking Corporation, etc. He is also on the Boards of -- and is closely associated with -- several other well known Bahraini companies and organisations such as Bahrain Duty Free, Bahrain Hotels Co, Bahrain Society of Engineers, Ibn Khuldoon School, etc.. His rich and varied experience will be greatly valued by the TAIB Board in all its deliberations, and we consider it a privilege and an honour to have him as a Director", Mr Mamdani said. Mr Farouk Almoayyed was earlier a member on the Gulf Advisory Board of the Bank.
 "We warmly welcome Mr Farouk Almoayyed to the TAIB family", concluded Mr Mamdani.
The other members of the Board of Directors of TAIB Bank are:
Mr. Abdulrahman Al Jeraisy, Chairman  (Chairman of the Jeraisy Group, Riyadh and Deputy Chairman of the Saudi Chambers of Commerce and Industry, Member of the Supreme Council for Riyadh Development Authority)
Mr Iqbal G. Mamdani, Vice Chairman & CEO
Mr Ahmed Mohamed Baroom, (Vice Chairman & CEO of Saudi Falcon Cement Company, Jeddah, and Chairman of Saudi Steel Reinforcements Ltd., Jeddah)
Mr Abdulaziz R. Alrashed, (Chairman/ Managing Partner of Rashid A. Al Rashed & Sons, Al Khobar)
Mr Yavuz Canevi,  (Former Governor of the Central Bank of Turkey, Istanbul)
Mr  Pradip P. Shah, (Chairman of IndAsia Fund Advisors Pvt Ltd, Mumbai).
and
Mr Mohammed Al Attas (owner of Al Zaytoon Trading & Contracting Est., Jeddah)

TAIB Bank E.C. an international Investment Bank based in Bahrain and listed on the Bahrain Stock Exchange, conducts its activities in the United States of America, the United Kingdom and in the regional markets of the Gulf, the Indian Sub- continent, Turkey and Central Asia.


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For more information, please contact:
Vivian Jamal
Tel: +973-537594
Fax:+973-537593
E-mail: vivian@taib.com