Tarik Mahmut exits BNF Bank board as Al Faisal Group departure looms
Director Tarik Mahmut resigns from BNF Bank board, linked to his upcoming exit from majority shareholder Al Faisal Group.
BNF Bank p.l.c. director Tarik Mahmut has resigned from the board with effect from 9 November 2026, ahead of his departure from Al Faisal Group at the end of the month.
In its company announcement dated 10 November, the bank linked the resignation to Mahmut’s forthcoming exit from the shareholder group.
The board thanked him for his dedicated service and contribution during his tenure. It also confirmed that there were no matters concerning his resignation requiring disclosure under the Capital Market Rules.
BNF’s controlling shareholder is connected to Qatar. According to the bank’s published ownership information, JUD Investment Group Limited, a subsidiary of Al Faisal International for Investment Company, holds 92.43% of its shares. The remaining shares are held by PG Holdings Limited, Virtu Investments Limited, SAK Limited and Mizzi Organisation Limited.
The resignation follows separate senior management appointments announced in September, when BNF named Glen Smith as Chief Banking Officer and Tiziana Bugeja as Chief Risk Officer, subject to regulatory approval.
The latest announcement did not identify a replacement director or announce any change in ownership or strategic direction.