MANAMA (Reuters) – Bahrain investment bank Investcorp INVB.BH (INVBq.L) has scrapped the position of chief operating officer to “streamline its management” in the current economic climate, it said on Friday.
Investcorp posted a first-ever loss of $511 million for the six months ended Dec. 31 after hedge fund investments, portfolio companies and its fee flow from managing transactions were hit by the global economic downturn.
Chief executive Nemir Kirdar will take over the responsibilities of COO Gary Long, who will leave the company with immediate effect after 14 years, the bank said.
“Investcorp has lived through a number of economic and geo-political crises over the past 26 years and knows that challenging times provide valuable opportunities to adapt and reshape”, Kirdar said.
The bank said in February it was seeking at least $250 million in fresh capital, but has yet to announce the amount it has raised since then.
Investcorp has received commitments for the capital hike from a number institutions and individuals in the region, it said in the statement. (Reporting by Frederik Richter; Editing by Dan Lalor)