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Emirates NBD (DFM: EmiratesNBD), a leading bank in the region, held its 13th General Assembly Meeting at the Bank’s Headquarters.
At the General Assembly Meeting, a review of the year ended 31 December 2019 was presented. Commenting on the business environment, Emirates NBD Chairman, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, said, "As we begin a new decade and enter the highly anticipated year of 2020, we at Emirates NBD are eager to continue supporting the UAE's growth story and helping realise the ambitious dreams of this great nation and its wise leadership."
His Highness added, "Emirates NBD celebrated many important milestones in 2019, including welcoming DenizBank to the Emirates NBD family, thus extending our footprint in the MENAT region. We raised the foreign ownership limit from 5% to 20% and we also offered our valued shareholders an exceptional opportunity to participate in a Rights Issue of AED 6.45 billion. We announced a record annual net profit of AED 14.5 billion for 2019 helped by the partial disposal of a stake in Network International and have a strong balance sheet supporting a diversified business model."
Key financial highlights for 2019 included:
His Highness Sheikh Ahmed Bin Saeed Al Maktoum added: “In 2019, Emirates NBD continued to embrace Corporate Social Responsibility as a key consideration in the product and services we offer. We spearheaded several programmes and initiatives, aligned with the pillars outlined within the UAE’s Year of Tolerance. As part of our commitment to building public awareness on safe banking practices, we were proud to partner with Dubai Police on the UAE-wide #SecureYourAccount campaign, aimed at raising public awareness and education on Cybersecurity.
“2020 will see the kick-off of the much-awaited Expo 2020 Dubai, and as Official Banking Partner, Emirates NBD is looking forward to showcasing our many innovations in smart technology and digital banking through our site-wide presence as “Bank of the Future” at the event.”
His Highness Sheikh Ahmed Bin Saeed Al Maktoum concluded, “Finally, I would like to thank HH Sheikh Mohammed bin Rashid A Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the Country’s wise Leadership for their vision. I also thank Emirates NBD Group’s Board of Directors, members of the Executive Committee and all our employees for their continued contribution towards our success in 2019. I also wish to extend gratitude to our customers and shareholders for their continued support and trust.”
The following resolutions were passed at the General Assembly Meeting:
establish any debt funding programme, up to a maximum amount of U.S.$ 10,000,000,000, in addition to the Existing Programmes (the "New Programmes" and, together with the Existing Programmes, the "Programmes") and undertake any subsequent update of the New Programmes;
issue debt instruments, up to an amount of U.S.$ 5,000,000,000 or its equivalent in other currencies, under any of the Programmes from time to time; with the terms of any such issuance decided by the relevant committee to which the Board of Directors has delegated such decisions and such issuance to be settled no later than one year commencing from the date on which this resolution is approved in accordance with the provisions of Article 230 of the Companies Law.
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