Investment bank shareholders approved the entry of the Sharjah government as a strategic investor in the bank and elected a new board of directors headed by Sheikh Sultan bin Ahmed Al Qasimi.

According to the Emirates News Agency, the government of Sharjah aims, through its strategic investment in the bank, with a value of 1.115 billion dirhams, to achieve a long-term value from the profits of the bank resulting from its core operations and take advantage of Its position as a leading financial institution with strong commercial capabilities and a wide client base throughout the UAE.

Through a special decision, the shareholders agreed to another capital increase pledging to be covered by the Sharjah government to a specified amount provided that details are specified, including the timing of the implementation of this increase at a time Later.

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Investment Bank, said: Today we are witnessing the beginning of a long-term and mutually beneficial strategic partnership between the Investment Bank and the Government of Sharjah, and our priority at this stage is Continue working to improve the quality of the bank's assets by promoting the improvements made in risk management processes, procedures and policies, strengthening the standards for undertaking to cover corporate issues and implementing best practices in portfolio management.

Under the new composition of the bank’s board of directors, Sheikh Sultan bin Ahmed Al Qasimi will take over the position of chairman of the board to succeed Mr. Imran Abdullah Omran Taryam, who will become vice president.

The government of Sharjah will be represented on the bank’s board of directors by three new members: His Excellency Walid Ibrahim Al Sayegh, who currently holds the position of general manager of the Central Finance Department in Sharjah, CEO and member of the board of directors of the Sharjah Company. Asset Management and Ahmed Mohamed Hamad Al-Midfa, the former chairman of the Sharjah Expo Center and the Sharjah Chamber of Commerce and Industry and Omar Syed Muhammad Omar Senior Financial Advisor in the Central Finance Department in Sharjah and a member of the Board of Trustees of the University Hospital in Sharjah.


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