New CEO for GlobalCapital

GlobalCapital’s group chief executive officer Nicholas Portelli will be relinquishing his post and taking up a new position with British American Group, the largest shareholder in GlobalCapital p.l.c.

In his new position as vice president asset and fund management with British American’s office in London, Mr Portelli will have a senior role covering international asset management and fund activities of the group as well as new initiatives.

Bashar Khatib will replace him as chief executive officer of the company. Subject to regulatory approval, Mr Khatib has also been appointed designate CEO of the company’s regulated operating subsidiaries, GlobalCapital Financial Management Limited, GlobalCapital Life Insurance Limited, GlobalCapital Health Insurance Agency Limited and GlobalCapital Insurance Brokers Limited.

Mr Bashar has been actively involved in the financial services sector for more than 20 years with a strong focus on life insurance. He held senior positions with a number of multi-national financial services companies in the United States, Europe, the Far East and the Middle East. He was also recently responsible for the establishment and management of a premier dedicated Shariah compliant Life and Health Insurance Company in the United Arab Emirates.