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KHCB’s Annual General Meeting declares the inclusion of the bank's shares in Dubai’s financial market


KHCB’s Annual General Meeting declares the inclusion of the bank's shares in Dubai’s financial market
Appointment of new Board of Directors and approval of GFH’s acquisition of Emirates Islamic Bank shares

 Al Mutawa: Positive results would not have been achieved without the support and encouragement of the wise leadership of the Kingdom of Bahrain
 Al Meer: Achieving several main objectives during the second year of the bank’s strategic plan

Manama, 14th March, 2017: Khaleeji Commercial Bank (KHCB) held its ordinary annual general meeting & Extra ordinary general meeting on Tuesday morning, March 14, 2017, headed by Dr. Ahmed Al Mutawa, Chairman of the Board of Directors of the Bank, in the presence of the bank’s shareholders, members of the Board of Directors, the executive management team, a representative of the Sharia Supervisory Board, External auditors, and representatives from regulatory authorities. During the ordinary meeting, shareholders were informed of the results achieved by the bank during 2016 and the initiatives to be implemented during 2017, in addition to the approval of a number of important recommendations and decisions.


The ordinary meeting saw the approval of the Board's report, the report of the external account auditors, and the discussion of the Sharia Supervisory Board’s report on the bank’s operations during the financial year that ended in December 31, 2016. This in addition to the approval of the financial statements and the allocation of the net profits of the financial year ended in the December 31, 2016 by deducting the amount of BD 530,992, representing 10% of the net profits as statutory reserves, and transferring the amount of BD 4,418,723 to retained earnings. On the other hand, the Governance’s report on the extent of the bank's commitment to the requirements issued by the Central Bank of Bahrain was approved, in addition to absolving the members of the Board of Directors from any liabilities for their actions during the previous financial year.


The meeting also saw the approval of the inclusion of the bank's shares in Dubai’s financial market and the reappointment of the Sharia Supervisory Board members and the auditors for the year 2017, besides appoint & elect members of the Board of Directors for the next three-year period subject to the approval of the Central Bank of Bahrain.


Furthermore, during the Extra ordinary general meeting, it was approved to exempt GFH Financial Group from presenting an offer of compulsory ownership and acquisition to the rest of the shareholders, increasing the ownership percentage of 46.97% to no more than 55.38% of the shares of KHCB, through the acquisition of shares owned by Emirates Islamic Bank over the next three years.  This is in accordance with the chapter on ownership and acquisition deals issued by the Central Bank of Bahrain.


On this occasion, Dr. Ahmed Al Mutawa, Chairman of the Board said “Over the past year, the bank has achieved great results despite the difficulties faced by the banking sector due to the instability experienced by the regional and global economy. This reflects our success in implementing our strategy, according to our studied plans and clear objectives that we set based on our careful reading of market conditions and our continuous evaluation of our performance. Our priorities at this stage are to further develop the bank's activities to strengthen its position as a prominent bank among the ranks of Islamic banks in the Kingdom, through enhancing the network services it offers and introducing a range of innovative and leading products, which suit the needs of our valued clients. "


Al Mutawa said, "These positive results would not have been achieved without the support and encouragement of the wise leadership of the Kingdom of Bahrain and its commitment to the growth of the private sector and development of financial and banking institutions in the Kingdom of Bahrain. I also take this opportunity to express my deepest gratitude to the members of the board of whose membership has ended. I commend their outstanding role and contributions over the past three years in making the bank a prominent Islamic financial institution. I wish the new members of the Board of Directors the very best. "


For his part, Mr. Khalil Ismail Al Meer, Chief Executive Officer of the bank, stated, "The bank is going at a steady pace towards strengthening its leading position among Islamic banks in the Kingdom of Bahrain. In 2016, the global credit institution Moody’s confirmed its rating of the bank’s long-term risks credit at "Ba2". This rating was driven by the improved profitability standards achieved by the bank and its stable balance sheet backed by capital adequacy levels and healthy liquidity, which contributed to strengthening and supporting the bank’s financial performance and long-term credit. This international rating places the bank in a leading position among the banks in the Kingdom of Bahrain. "


Al Meer added, "In 2016, Shuaa Capital, the leading financial services organization in the United Arab Emirates, completed a deal to acquire a share of 14% (with a total 147,106,849 shares) in the bank. It is hoped that this transaction will reflect positive results on the bank, given the prominent reputation of this new shareholder."


Al Meer concluded his statement saying "The bank has managed to achieve several main objectives during the second year of its new strategic plan, including the opening of the bank’s 11th branch and the launch of an innovative range of products and services to individuals and companies, which received great response from our clients. The positive indicators of the bank's performance reflect the full commitment of the management and staff to implement of our strategic plan within the framework of our main business model. "

Khaleeji Commercial Bank BSC (KHCB) is an Islamic bank licensed by the CBB, headquartered in the Kingdom of Bahrain, and operating under a Retail Islamic Banking license granted by the Central Bank of Bahrain (CBB). It is a Public Bahraini Shareholding Company listed on the Bahrain Bourse. The vision of the bank is to be a leading domestic and regional Islamic Bank, providing a comprehensive range of high quality Shari'a compliant banking and investment products, services and investment opportunities to their customers and corporate clients.