For immediate release
Emirates NBD Holds its Fifth Annual General Meeting Dubai, 26 March 2012
Emirates NBD (DFM: EmiratesNBD), the leading bank in the
region, held its Fifth Annual General Meeting
(AGM) at the Bank's Headquarters.
At the AGM, Emirates NBD Chairman, His Highness Sheikh Ahmed
bin Saeed Al Maktoum, presented a review of the twelve months
ended 31st December 2011. Commenting on the economic
environment, he said: "Against a turbulent and challenging
global economic backdrop, the UAE economy has remained
relatively strong and resilient. To a large extent, this was
due to the wise policies implemented by the UAE government
during this period and to a rise in oil production. However,
the non-oil sector has also expanded as the UAE, and Dubai in
particular, has re-asserted itself as a global and regional
economic, trading and tourism hub while benefitting from a
'safe economic haven' status in the context of economic
turmoil in the wider region. This was evidenced by good
recovery during the year in the traditional trade,
transportation and tourism sectors."
The following resolutions were passed at the AGM:
1. Approval of distribution of 20% Cash Dividend (20 fils per
share) for the year ending 31st of December 2011.
2. Review and approval of the Directors' Report concerning
the Company's activities and financial status for the year
ending 31st of December 2011 as well as Review and approval
of the Auditors' Report for the same period.
3. Approval of the Consolidated Statements of the Company for
the financial year ending 31st of December
2011.
4. Ratification of the Board of Directors and approval of the
Board of Directors remuneration.
5. Approval under article 108 of the UAE Companies Law no. 8
of 1984 for the Directors to participate in activities
relating to banking and financial business.
6. The Board of Directors and the Auditors were absolved from
responsibility for the year ending 31st of
December 2011.
7. KPMG was appointed as Auditors of the company for the year
2012.
His Highness Sheikh Ahmed bin Saeed Al Maktoum added:
"Emirates NBD's financial performance for 2011 reflects a
positive and strong operational performance and demonstrates
the strength and resilience of the Bank. We have taken a more
conservative approach to strengthen the Bank's position to
meet the challenges reflected in the broader global financial
markets and Emirates NBD is on course to realise its vision
to be the leading and
one of the largest and most successful banks in the region."
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Key financial highlights for 2011 included: