SHARJAH, Shareholders of Invest Bank, the Bank, a Sharjah-based commercial bank, today approved a strategic investment by the Government of Sharjah and a reorganization of the Board of Directors, including the appointment of Sheikh Sultan Bin Ahmed Al Qasimi as Chairman.
The Government of Sharjah’s AED 1.115 billion strategic investment is being made on a commercial basis, with the objective of creating long-term value from Invest Bank’s underlying profitability and standing as an operationally-strong financial institution with a loyal customer base across the UAE.
Through a special resolution, the shareholders approved a further increase in share capital for all shareholders of the Bank to be underwritten by the Government of Sharjah up to a certain amount, with details, including timing, to be determined later.
Sheikh Sultan Bin Ahmed Al Qasimi, Chairman of Invest Bank, said:”Today marks the beginning of a mutually beneficial and long-term strategic partnership between Invest Bank and the Government of Sharjah. Our priority is to keep improving the Bank’s asset quality by reinforcing the enhancements made to the risk processes, policies and further strengthening underwriting standards and implementing portfolio management best practices. Over the medium term, we aim to return the Bank to profitable growth through a strategy that allows us to improve operating margins and tap into commercially-viable opportunities. I look forward to working alongside the rest of the Board and the management team to set Invest Bank on a sustainable growth path to create long-term value for shareholders, clients and the wider UAE economy.”
Omran Abdulla Omran Taryam, Vice Chairman of Invest Bank, said:”We welcome the Government of Sharjah as a strategic shareholder. As a proven and dynamic investor in the UAE banking sector, the Government of Sharjah brings considerable industry knowledge while providing Invest Bank with a strong and stable financial platform to support its future direction. The Bank is now entering a promising, new chapter steered by a newly-appointed Board that brings considerable experience in the banking sector and deep knowledge of the UAE economy. The Board will be supported by a strong team of industry professionals who have been recently appointed into senior management roles and are in the process of implementing industry best practice.”
Sheikh Sultan Al Qasimi, the new chairman of the board, is replacing Omran Abdulla Omran Taryam, who will assume the position of Vice Chairman. Sheikh Sultan Bin Ahmed Al Qasimi is currently Chairman at several private and public sector entities, including the Sharjah Media Corporation, Sharjah National Oil Company and Tilal Properties.
Three seats on the board have been filled by other Government of Sharjah representatives, Waleed Ibrahim Al Sayegh, who serves as the Director General of the Sharjah Finance Department of the Government of Sharjah and is the Chief Executive Officer and Director of Sharjah Asset Management; Ahmed Mohammad Hamad Al Midfa, who was Chairman of Expo Centre Sharjah and Sharjah Chamber of Commerce & Industry; and Ummer Said Mohamed Ummer, a senior financial advisor of the Sharjah Finance Department as well as a Member of the Board of Trustees of University Hospital Sharjah.
Fares Treis Said Al Mazroui, who is Head of Strategic Investments at Abu Dhabi Investment Council and non-executive Board member of Massar Solutions, also joins the Board.
Source: Emirates News Agency