Esterad bank concludes its annual general meeting of shareholders

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Esterad Bank, a 99.5%owned subsidiary of Esterad Investment Company, today announced the successful conclusion of its Annual General Meeting (AGM), held at the Four Seasons Hotel – Bahrain Bay, for the financial year ended 31st December 2023 (“the year”).

The AGM saw shareholders approve the minutes of the previous annual general assembly held on 15 February 2024 as well as the Board of Directors' report on the Bank's business activities, the Sharia Supervisory Board’s report, external auditors’ report and consolidated financial statements for the 2023 fiscal year.

Also ratified was the Corporate Governance Report for 2023 reflecting the Bank's compliance with the requirements of by the Ministry of Industry and Commerce and the Central Bank of Bahrain (CBB).

Shareholders further approved transactions conducted during the 2023 financial year with any related parties or major shareholders of the Bank, released members of the Board from liability in respect to the 2023 financial year and ratified the appointment of the external auditors of the Bank for the 2024 financial year as well as authorizing the Board of Directors to fix their fees, subject to CBB approval.

Also approved was the appointment of Mr. Fahad Abdullah Yateem as a member of the Bank’s Board of Directors to complete the current Board membership term subject to obtaining the necessary regulatory approval.

Commenting, Chairman of Esterad Bank, Shaikh Mohamed Duaij Khalifa Alkhalifa, said, “We are pleased to conclude our AGM for the 2023 financial year, which was marked by ongoing progress in the Bank’s efforts to increase assets, decrease liabilities, rise to positive equity, and remain agile in facing challenges and seizing opportunity. We are grateful for the ongoing support of investors and shareholders of the Bank, whose interests we continue to place at the heart of our decision-making process and steadfast commitment to growth across our investment banking, proprietary investments and treasury businesses in order to deliver additional value in the year ahead.”

Acting CEO of Esterad Bank, Mr. Ahmed Abdulrahman, added, “Building on the positive momentum achieved in 2023, the Bank will continue its innovative approach to navigating legacy issues and capitalizing on new opportunities to rebuild market leadership by delivering high quality investments that benefit our investors and shareholders. While we expect the macroeconomic environment globally to remain difficult, we are confident that investors in the Middle East are well positioned to take advantage of positive trends arising from a series of market shifts that have occurred, ones that we will continue to seize, ensuring the Bank can continue to accelerate our trajectory towards a more profitable and sustainable future.”