CBI EGM approved resolution to increase the shareholding percentage of foreigners to 49%
Sunday, August 05, 2012
In the Extraordinary General Meeting (EGM) for CBI’s shareholders today in Ras Al Khaimah in Al Hamra Fort Hotel, the shareholders approved a resolution to increase the shareholding percentage of foreigners to 49% of the total amount of shares of the Bank.
CBI EGM Meeting
Commenting on the EGM meeting resolution today, Mr. Mohammad Sultan Al Qadi, Chairman of Commercial Bank International said: “We had a successful EGM meeting today in Ras Al Khaimah and the shareholders approved the resolution concerning foreigners’ shareholding percentage, increasing it to 49% of the total shares. The board has great confidence in the management team; the successful strategy continues to show impressive results quarter to quarter. The earnings per share increased 150% to AED 0.10 compared with June 30, 2011”.
Kris Babicci, Chief Executive Officer of CBI said: “This new resolution will have a positive effect on the bank’s ability to grow and increase its market share in the UAE banking and financial sector. We will open five new branches in strategic locations around the UAE before the end of the year. This will enhance accessibility to our customers and visibility to new customers.
CBI has reported last Sunday very strong results with a net profit of AED 141.3 million, up 153.7%, for the first six month period ended June 30, 2012 as compared to AED 55.7 million reported during the corresponding period in 2011. As a three month period of Q2 2012, it is also an increase in net profit of 13.7% compared to Q1 results ending March 31, 2012.