Global Capital plc group chief executive officer Nicholas Portelli is to relinquish his post after being appointed vice-president of asset and fund management for British American, the group’s largest shareholder.

Mr Portelli’s appointment is with the London office. Global Capital plc has appointed Bashar Khatib as his successor.

Subject to regulatory approval, Mr Khatib has also been named designate CEO of the company’s regulated operating subsidiaries, Global Capital Financial Management Limited, Global Capital Life Insurance Limited, Global Capital Health Insurance Agency Limited and Global Capital Insurance Brokers Limited.

“Under Mr Khatib’s leadership, the group will focus on growing all lines of business and provide tailormade solutions for clients’ needs,” Global Capital chairman Nicholas Ashford-Hodges said.

Mr Khatib has been actively involved in the financial services sector for over 20 years with many years’ experience in life insurance. He has held senior positions with a number of multinationals in the US, Europe, the Far East and the Middle East.

He has extensive knowledge of Islamic insurance, having recently been responsible for the establishment and management of a premier dedicated Shariah-compliant life and health insurance company in the United Arab Emirates.

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