Bahrain-based First Energy Bank (FEB), the world's first Islamic investment bank focused exclusively on the energy sector, announced on 22 April 2009 the appointment of Mr. Vahan Zanoyan as the Chief Executive Officer of the Bank during its first year of operation.
Prior to joining FEB he was Chairman and CEO of PFC Energy International for four years, and President and CEO of PFC Energy for the preceding ten years.
Mr. Esam Y. Janahi, Chairman of the Bank said, 'Vahan Zanoyan's appointment as the Chief Executive Officer of the bank is an important addition to the management team as the bank is in the first year of operation. His widespread knowledge coupled with more than two decades of experience in the energy sector will enable the bank to realize its long term and short term objectives.'
'As a specialist in the energy industry we are confident that his leadership will enable FEB to build a strong and dedicated team, to give the bank the advantage of a wide range of expertise in originating and screening exclusive investment opportunities and represent the bank as one of the major players in the regional and the global energy sector,' he added.
Mr. Vahan Zanoyan on his appointment said, 'I am very pleased to be part of such a dynamic team and look forward to facing the challenges of the market by devising attractive investment opportunities. These are very challenging and, at the same time, extremely interesting times for launching an investment program in the global energy sector. I am confident that as a team we will continue to expand our investment portfolio by uncovering niche investments which will maximize returns for our shareholders and provide an unmatched level of banking services to our clients.'
For over twenty five years prior to joining FEB, Mr. Zanoyan acted as a trusted advisor to hundreds of oil and gas companies, national oil companies, oilfield services companies, oil producing governments and financial institutions engaged in the global energy sector. In that capacity, he has worked closely with these client organizations to provide commercial and strategic solutions to energy companies.
He has also created a special and very successful platform for the regular gathering of the chief executives of national oil companies from around the world. The depth of this experience and the strength of these long-standing relationships have earned Mr. Zanoyan widespread respect within the global energy sector, and will be a valuable asset for launching the inaugural year for First Energy Bank under his leadership.
Mr. Vahan Zanoyan has graduate degrees in Economics and Political Science from the American University of Beirut and University of Pennsylvania. His pioneering work in applied analysis of political economies of oil producing countries and their development process has brought him a unique standing in the industry over the last twenty years.
He has also written several articles on oil and energy related topics and is a gifted speaker having participated in a number of high-profile conferences and seminars.
Source: “Ameinfo”, Dubai, 22 April 2009, by Rana Mesbah
First Energy Bank B.S.C. (c) (FEB) is wholesale bank (Islamic Principles) licensed by the Central Bank of Bahrain. The bank has an initial paid-up capital of $1bn raised through a private placement by its founding shareholder, Gulf Finance House (GFH). The Bank holds a license from the Central Bank of Bahrain for Wholesale Banking on Islamic Principles. FEB will be headquartered in Bahrain Financial Harbour, Manama, Kingdom of Bahrain.
FEB's founders believe that the global energy sector and the MENA region currently offer excellent opportunities for private equity and Islamic finance investment in production, enhanced recovery and efficiency, infrastructure development and energy-related industrial capacity.
Working in accordance with the Islamic principles, FEB will act as investor, financial partner and advisor for projects and transactions in a wide range of energy-related sectors. These will include oil and gas exploration, production, processing, transportation, storage and refining, as well as oilfield services, petrochemicals and other value added industries, electric power and alternative energy.
The Bank will focus on opportunities in the Middle East and North Africa (MENA) region and global opportunities where closer ties with the MENA region can be mutually beneficial. FEB's investments will encompass energy-related development projects, joint ventures, corporate mergers and acquisitions and purchases of assets and asset portfolios.
FEB has authorized capital of 2 billion shares of par value $1 each, of which $1bn is issued and subscribed. FEB's shareholders include a diverse group of organizations and individuals from the Kingdom Bahrain, the Kingdom of Saudi Arabia, the United Arab Emirates, Libya and other countries in the Middle East and North Africa. No single shareholder holds more than 10% of the bank's stock.