After a long running dispute over bank governance with the CEO, the Chairman of Arab Bank, 'Abd al-Hamid Shoman, resigned on 16 August. In a letter of resignation Mr Shoman accused the CEO, Nemeh Elyas Sabbagh, and the bank’s board of directors of refusing to assume their legal responsibilities to protect the interests of the bank. Arab Bank’s Deputy Chairman, Sabih Masri, confirmed Mr Shoman’s surprise exit, and said that it recognized his “great efforts in leading the bank for over 40 years.” He stressed that the bank enjoys strong management and an institutional structure built up over many years.