United Arab Bank Approves Capital Increase And Financial Statements At Annual General Assembly Meeting

The United Arab Bank PJSC recently convened its Annual General Assembly at its Sharjah headquarters. Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, the Chairman of the Board of Directors, led the meeting. Attendees included board members, shareholders, senior management, external auditors, and regulatory authority representatives.

During the assembly, all agenda items were discussed and approved. This included ratifying both ordinary and extraordinary resolutions. The consolidated financial statements for the year ending December 31, 2024, received approval. Additionally, PricewaterhouseCoopers (PwC) was appointed as the external auditor for 2025.

The General Assembly also endorsed a proposal by the Board of Directors to boost the bank's capital. This will be achieved through issuing rights shares worth up to AED1,031,275,325. The aim is to fortify the bank's financial standing and better equip it for future demands. Subscription rights will be offered following necessary regulatory approvals.

Sheikh Mohammed bin Faisal bin Sultan Al Qasimi expressed pride in the bank’s performance in 2024. He 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."

The Chairman highlighted the bank's focus on digitisation and innovation as key drivers of progress. These efforts are enhancing digital capabilities and operational excellence while improving efficiency and customer value. The emphasis on transformative innovation is reshaping banking's future.

The Abu Dhabi Securities Exchange (ADX) managed the meeting under a Registrar Agreement with United Arab Bank PJSC. This collaboration ensures smooth proceedings and compliance with regulatory standards.

United Arab Bank PJSC remains committed to strengthening its financial position through strategic initiatives like capital increases and digital transformation. These efforts aim to deliver sustained value to shareholders while adapting to evolving market needs.

With inputs from WAM