April 28 2015, Sharjah, UAE:On Monday, 27 April 2015, the Extraordinary General Assembly (“EGA”) of United Arab Bank P.J.S.C. (“UAB” or the “Bank”) passed, at its session held at 5:00 PM at the Coral Beach Resort in Sharjah, UAE, an amendment to the Articles of Association (“AOA”) of the Bank.
The Shareholders agreed to the Board of Directors’ proposal to approve the amendment to the AOA of the Bank, specifically Article 30.1 on the Board of Directors with the aim of reducing the number of directors from twelve to nine, subject to the regulatory approval of the Central Bank of the UAE.
The Shareholders had confirmed and ratified the election of the Board of Directors of the Bank at the Annual General Assembly held on 3 March 2015, and authorised the Chairman of the Board of Directors to sign and undertake all necessary measures to give effect to the EGA’s resolutions.
The EGA was chaired by H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, and was attended by Members of the Board of Directors and Paul Trowbridge, Chief Executive Officer of UAB, as well as other senior management. The External Auditors (KPMG) and representatives of the regulatory authorities were also present.
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