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SHARJAH/WAM
United Arab Bank PJSC on Thursday held its annual general assembly meeting at its headquarters in the emirate of Sharjah.
The meeting was chaired by Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, and attended by members of the Board of Directors, shareholders, senior management, external auditors, and representatives of regulatory authorities.
The general assembly discussed and approved all items on the agenda. It also ratified all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended December 31, 2024, and the board’s recommendation to appoint PricewaterhouseCoopers (PwC) as the external auditors for the fiscal year 2025.
Additionally, the general assembly approved the board of directors’ proposal to increase the bank’s capital through issue of rights shares amounting up to AED1,031,275,325. This step aims to strengthen the bank’s financial position and enhance its capabilities to meet future requirements. The subscription rights will be offered after obtaining the necessary approvals from the relevant regulatory authorities.
Sheikh Mohammed bin Faisal bin Sultan Al Qasimi stated, “We take immense pride in the bank’s outstanding financial performance in 2024. UAB’s strong performance is a testament to the success of our growth strategy, resilience in our core business and reinforces our unwavering commitment to delivering long-term value to our shareholders. Our relentless focus on digitisation and transformative innovation is reshaping the future of banking, enhancing our digital capabilities and operational excellence, and driving continuous progress in efficiency and customer value.”
The meeting was managed by Abu Dhabi Securities Exchange (ADX) under a Registrar Agreement that the bank has signed with ADX.