The board of Arab Bank plc has elected Sabih Al Masri to take over at the helm of the bank after the resignation of Abdel Hamid Shoman in a dispute over the chairman's power in August 2012. Shoman resigned on August 16, 2012 after the board and key shareholders failed to back him in a power struggle with Chief Executive Nemah Al Sabbagh, in which Shoman was accused of meddling in the day-to-day running of the bank. Masri pledged to help Arab Bank, which has a $45.6 billion balance sheet spread across 30 countries and five continents, maintain the steady growth it has shown in recent years.