"We are committed to returning to growth, a lower operating cost base, aggressively reduce our debt through asset sales and improving our reporting and transparency," Ted Pretty, GFH Group CEO, said in an interview.

"The appointment of Esam Janahi to the role of executive chairman is exciting as it will give new energy to our business and ensure we are very well placed to return to profitability," he added.

"GFH was one of the few banks to take the hard decisions on asset values in 2009 and to aggressively reduce these costs in 2010. It is only now that some other banks are now taking big losses and starting to address their cost base. Market commentators applauded GFH's lower than expected loss for the first half of 2010 compared to last year and agree that its new initiatives are improving the bank," Pretty added.

"From the start of 2010 and toward the year-end GFH's priorities will remain focus on redefining its business model, rebuilding the revenue pipeline, reducing our costs, re-profiling its debt commitments and ensuring it secures a very strong capital position," he said.

GFH also announced its new lines of businesses including corporate finance, advisory, asset management and growth capital with a particular focus on building new Islamic institutions and has successfully done in the past.

"We have said to the market we are exploring deals which leverage our DNA. In particular have the proven ability to create and develop new Islamic financial institutions. We have successfully executed this model as can be seen in the over $2.5 billion of capital raised for institutions such as First Energy Bank, Khaleeji Commercial Bank, QInvest, First Leasing Bank, Asia Finance House and Arab Finance House," added Pretty.

With a changed business focus, GFH is looking at its recurring revenue stream that likely comes from asset management, transactional revenue from advisory and it will see capital growth on its investments.

"GFH has announced that it will seek approval for an S$300 million recapitalization of the bank to obtain funds for growth. These funds are not needed for and will be used to pay debt as GFH has successfully rescheduled its WestLB and LMC syndicate loans. WestLB is now not due until 2013 which gives GFH the time to invest for growth," Pretty added.