Mohammed al-Shroogi Joins Investcorp

MANAMA (Reuters) – Bahrain investment bank Investcorp INVB.BH (INVBq.L) has named Mohammed al-Shroogi, a former head of Citigroup (C.N) in the Middle East, to head its operations in the Gulf, Investcorp said in a statement. Investcorp said last week it had scrapped the position of chief operating officer to “streamline its management” in the current economic climate.

Investcorp posted a first-ever loss of $511 million for the six months to Dec. 31 after hedge fund investments, portfolio companies and its fee flow from managing transactions were hit by the global economic downturn.

(Writing by Firouz Sedarat in Dubai; editing by Mike Nesbit)