The annual meeting of the Investment Bank’s General Assembly was held on Monday at the bank’s headquarters in Sharjah. The meeting, chaired by Acting Idris Muhammad Al-Rafi, Vice Chairman of the Board of Directors, was attended by members of the Board of Directors, shareholders, and executive management.
During the session, the Assembly discussed and approved several items on its agenda. These included reviewing the Board of Directors’ report on the bank’s activity and financial position for the fiscal year ending on December 31, 2023. The auditor’s report for that same year was also presented and discussed. Additionally, the budget and profits and losses account for that fiscal year were discussed.
The Assembly also agreed to discharge members of the Board of Directors and external auditors for that fiscal year. Furthermore, PwC Middle East was appointed as the bank’s external auditors for the next fiscal year unanimously. Mohammed Obaid Al Shamsi was also appointed as a new member to fill a vacant position in the board member role.
Ahmed Abu Eida, CEO of Investment Bank expressed his satisfaction with progress made towards achieving strategic priorities during his speech at the Annual General Meeting (AGM). He highlighted a significant milestone achieved in 2023 when they successfully restructured their capital resulting in their first time operating profits in years.