Umniah Bank’s Annual General Assembly (AGA) that was held in Casablanca, Morocco recently reviewed the bank’s plans, strategy and financial results for the previous period.
Sheikh Dr Khalid bin Thani bin Abdullah al-Thani chaired the meeting.
The shareholders also selected the members of the bank’s Supervisory Board for the next three years.
Sheikh Dr Khalid was appointed as chairman of the bank’s Supervisory Board and Lotfi Sekkat as vice-chairman.
The other members of the board included Ali bin Abdul Latif al-Misnad, Dr Abdulbasit Ahmad al-Shaibei, Younis al-Zubair (representative of CIH Bank-Créedit immobilier et hotelier), Khaled al-Hattab, (representative of Caisse de Depot et de Gestion (CDG) Deposit and Management Fund), in addition to Mustafa al-Haboubi, Khaled Benala, Mona Hammoud, and Jamal Lamradi, as independent member.
Addressing shareholders during the meeting, Sheikh Dr Khalid said, “Umniah Bank has seen considerable success in the Moroccan market and made a quantum leap during the past years. We hope that our collective efforts will continue to gain momentum across all areas of business to deliver sustainable results and achieve targeted objectives.”
He said, “Umniah Bank has successfully opened 47 branches across the Moroccan market in the past few years. With this expansion, we continue to mark our presence throughout the country and provide superior customer service backed by quality and innovative propositions that meet the highest internationally recognised banking standards and that would serve the local economy and market needs.”
“Umniah Bank is committed to supporting the Moroccan business sector and will continue its efforts to expand this business segment through enhanced strategic plans, targeting opportunities that would create profitable growth and value addition to the bank and its customers. Our focus, as a participative bank, is to facilitate financing to projects and businesses with productive and sustainable purposes and remain faithful to our commitment to supporting the growth of the Moroccan economy.”
“Customers’ interest in the services and products of Umnia Bank indicates that the Moroccan market is a privileged environment for participating banks. Indeed, the market provides valuable opportunities and incentives for business growth and expansion in the participative banking sector. Umnia Bank is building on those opportunities and factors to achieve its strategic objectives and strengthen its future growth for the years to come.
Sheikh Dr Khalid thanked the executive management of Umnia Bank for the efforts in developing the business processes and implementing the plans approved by the Supervisory Board.
He also expressed his thanks and appreciation to the supervisory and regulatory authorities in the Kingdom of Morocco for their assistance and support to Umnia Bank in particular and their valuable vision on attracting foreign investments and fostering a healthy competition environment in the Moroccan economy.
Following the General Assembly meeting of Umnia Bank and the selection of the Supervisory Board for the next three years, the board held a meeting approving the bank’s Q1 financial results for the period that ended on 03/31/2022.
The board also approved the formation of new board committees, namely the Investment and Strategy Committee, the Nomination and Remuneration Committee, and the Audit and Risk Committee.
Umnia Bank is the result of a partnership among QIIB, CIH Bank and CDG. QIIB holds 40% of the Umnia Bank's capital.