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Bank’s CEO to formulate new three-year strategy

Bahrain Business
Wed, 14 Mar 2018

MANAMA: The first mandate of the new chief executive of Khaleeji Commercial Bank (KHCB) Sattam Al Gosaibi is to formulate a new strategy for the next three years, the bank’s vice-chairman Abdulkarim Bucheery has said.

Mr Al Gosaibi will take charge as CEO on April 1.

Speaking on the sidelines of the annual and extraordinary general meetings yesterday at Bahrain Bourse, he said the earlier three-year strategy ended last year and the launch of the new one is delayed pending the appointment of the new CEO.

The meeting saw board of directors’ recommendation to deduct 10 per cent of the net profit for the statutory reserve amounting to BD196,862, and the transfer of BD1,330,201 to retained earnings get ratified.

Furthermore, the Corporate Governance report regarding the bank’s compliance with the Central Bank of Bahrain’s (CBB) requirements was approved.

In addition, the board members were released from any liability for their conduct during the ended financial year.

The meeting also witnessed the reappointment of the members of the Sharia Supervisory Board for the three upcoming years and the auditors for the financial year 2018, after obtaining the CBB’s approval.

Thereafter, the extraordinary general meeting was convened, where it was approved the amendment of the Articles of Association of the Bank to comply with the requirements of Law No (1) of 2018 amending certain provisions of the Bahrain Commercial Companies Law promulgated by Legislative Decree No (21) of 2001, after obtaining the official approvals.

“Our commitment to excellence in customer service and innovation has been a driving force for the bank’s positive performance in 2017,” said Mr Bucheery.

“We have been able to prove our presence as a pioneering local bank in the field of digital banking innovation and to expand our business perimeters. This is demonstrated by the bank’s listing in the Dubai Financial Market, through which we anticipate moving towards our desired goals and achieving greater returns for our valued shareholders.”

The bank’s chief risk officer and acting chief executive Tawfeeq Mohamed Bastaki said, “The progress we have achieved over the previous years despite difficult market conditions is the result of shareholder support and direction, not to mention the continued commitment and focus exhibited by our staff.

“The bank is ready to seize opportunities despite the current challenges in the market, as our financial results indicate that we are moving in the right direction, in spite of economic challenges that limit expectations. Nevertheless, we will continue to manage our investments and services in a manner to ensure the desired growth and progress,” he added.

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