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Media in \Sharjah10-04-2019
The Bank of Sharjah, one of the UAE’s leading commercial banks based in the emirate of Sharjah, today announced the entry of the Government of Sharjah as a strategic investor in the bank and elected a new Board of Directors headed by Sheikh Sultan bin Ahmed Al Qassimi.
With a strategic investment of AED 1.115 billion, the Government of Sharjah aims to achieve long-term value from its core operations and to benefit from its position as a leading financial institution with strong commercial potential and a broad customer base across the UAE.
Through a special resolution, the shareholders approved a further capital increase, which the Government of Sharjah will cover to a certain amount, details to be determined including the timing of implementation of this increase later.
Sultan Bin Ahmed Al Qassimi, Chairman of Investment Bank, said: “Today we are witnessing the beginning of a mutually beneficial and long-term strategic partnership between the Investment Bank and the Government of Sharjah. Our priority at this stage is to continue to improve the quality of the Bank’s assets by enhancing improvements in operations and procedures Risk management policies, consolidation of corporate reporting standards and application of best portfolio management practices. ”
“In the medium term, we aim to bring the bank back to a profitable growth path by developing a strategic plan that will allow us to improve operational margins and take advantage of commercially lucrative opportunities,” he said. “We look forward to working together with the Board of Directors and the Executive Management Team On a sustainable growth path that achieves long-term value for shareholders, customers and the UAE economy as a whole.
