Magazine article American Banker

Norwest and Chemical Execs Stepping Aside with Merger Work Done

Magazine article American Banker

Norwest and Chemical Execs Stepping Aside with Merger Work Done

Article excerpt

Two senior executives at home mortgage companies are leaving their posts, now that their tasks of integration are complete.

S.A. Ibrahim, chief operating officer of Chemical Residential Mortgage Corp., is resigning, as is Raymond Crebs, who joined Norwest Mortgage Inc. when it purchased his former employer, Directors Mortgage Loan Corp.

Mr. Ibrahim, who plans to leave Chemical around the end of September, decided last April that he would move on after the completion of Chemical's acquisition of Margaretten & Co., Perth Amboy, N.J. At the time, an internal announcement was made by David Frank, Chemical Mortgage's chief executive, who has since resigned.

"I promised I would watch the integration and then move on to different challenges," Mr. Ibrahim said in an interview.

He said the integration was almost complete and he would stay to manage the final pieces of the transition, such as absorbing the last part of Margaretten's servicing portfolio.

Assuming a new role at Chemical Banking Corp. is not out of the question, Mr. Ibrahim said. He is interested in staying in the world of financial services, possibly in credit cards, the mortgage industry, or another aspect of consumer banking, he said. He is also considering international banking, particularly in the Pacific Rim.

Mr. Ibrahim was named chief executive and managing director responsible for Chemical's mortgage business in 1992, and planned to acquire a company, such as Margaretten, to expand Chemical's presence in the home mortgage industry, he said. …

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