Sharjah, UAE, 10th April 2017: United Arab Bank P.J.S.C ("UAB" or “the Bank”) held its Annual General Meeting (AGM) on Monday, 10 April 2017, at the Coral Beach Resort in Sharjah. Chaired by H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, the AGM adopted all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended 31 December 2016.
The AGM further resolved on the distribution of a zero dividend for the year 2016.
The meeting was managed by Abu Dhabi Securities Market (“ADX”), under a Registrar Agreement that the Bank has signed with ADX, and attended by Members of the Board of Directors and Mr. Samer Tamimi, Acting CEO of UAB, as well as other senior management. The External Auditors (PWC) and representatives of the regulatory authorities were also present.
The shareholders approved the Board’s recommendation to re-appoint PWC as the external auditors of the Bank for the year 2017. In addition, the ability for the Bank to issue AT1 capital instruments was approved, thus, UAB will continue to progress through the final stages of the regulatory approval process to support the planned issuance.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors,commented: "UAB's shareholders have again demonstrated their unwavering support and we are honored the majority were present at today’s meeting. For the Bank, 2016 represented a challenging period as we had to take decisive actions to address legacy issues. Nevertheless, throughout the Bank’s history it has always proved resilient and given the actions taken we are in a much stronger position to support the UAE economy going forward”.
Commenting on the AGM and the Bank’s future plans, Samer Tamimi, Acting Chief Executive Officer,said: “The meeting today was fruitful and constructive; it confirmed the commitment of the Management Team and the Board to building on the actions taken in 2016 as we continue our transition to a simpler, safer and more sustainable Bank. With the ongoing support of our shareholders and guidance of ‘The Commercial Bank’ we are well positioned to navigate through the challenging operating environment and ultimately generate sustainable returns”
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