Al Ahli Bank of Kuwait K S C P : Holds Extraordinary General Assembly Meeting

"The ABK Group is committed to strategic plans that ensure sustained positive performance, generate value for shareholders, and achieve the highest levels of profitability. This commitment is accompanied by a dedication to staying abreast of local, regional, and global developments in the banking sector," said Mr. Talal Reza Behbehani, Chairman of ABK.

Mr. Behbehani made these remarks during ABK's Extraordinary General Assembly Meeting held at the Bank's headquarters. The meeting, attended by 92.18% of shareholders, approved a capital increase from KD 187.43 million to KD 237.43 million, amounting to KD 50 million. It also authorized the Board of Directors to call for an increase in the issued and paid-up capital, decide on share issuance premium and determine its value to be added to the nominal value of the increased shares. Additionally, amendments to Article 6 of the Memorandum of Association and Article 5 of the Bank's Articles of Association were approved.

Mr. Behbehani expressed sincere gratitude for the considerable trust placed in the Board of Directors by shareholders. He assured that the capital increase of KD 50 million would be invested prudently and optimally, ensuring the accomplishment of the Group's objectives and enhance the regulatory capital ratio.

The Chairman emphasized, "The Group stands to greatly benefit from the capital increase as it will be strategically invested in enhancing operations, introducing new banking products and solutions, and actively participating in financing local development projects. These measures are aimed at continuously adding value to all stakeholders."

Moreover, he highlighted that the Group consistently evaluates strategies to ensure sustainable profitability and growth across all financial indicators. He highlighted that the capital increase is a testament to the proactive stance of the Board of Directors and the Executive Management, who continuously monitor developments and tackle challenges while upholding the utmost security standards. This will undoubtedly have a positive impact on the Group's competitiveness in the Kuwaiti banking sector, as well as the regional markets it operates in, including Egypt, the UAE, and the Dubai International Financial Centre (DIFC) branch.

Mr. Behbehani affirmed that the Group remains vigilant in capitalizing on emerging opportunities in both local and global markets, bolstering investor confidence in its capabilities and potential. By providing top-tier banking and financial services, the Group aims to strengthen this trust. This success is underpinned by a highly skilled team of experts who contribute to the mutual benefit of all involved parties across various levels.

Mr. Behbehani expressed deep gratitude for the unwavering support ABK receives from esteemed institutions, such as the Central Banks of Kuwait, the United Arab Emirates, and Egypt. He emphasized the Group's unwavering commitment to strictly adhere to all procedures and measures that contribute to fortifying the resilience and prudence of the banking sector in these countries.

Following the Chairman's speech, Mr. Loai Muqames, CEO-Kuwait of ABK, remarked that the capital increase is a result of a series of recent positive developments. These serve as testament to ABK's continuous efforts to enhance profitability and market presence in the markets it operates in.

Commending the exceptional efforts exerted by ABK's dedicated staff, Mr. Muqames assured that the Bank is fully poised and equipped to harness the opportunities arising within the banking industry. These advancements undoubtedly contribute to perpetuating continuous growth across all financial indicators, thereby fulfilling the needs of both valued customers and esteemed shareholders.

Furthermore, Mr. Muqames articulated, "The Group persistently attains growth across all its operations, positioning itself as a prominent leader and competitor amidst the ever-evolving landscape of the banking sector both domestically and internationally. With unwavering dedication, we aim to consistently yield positive outcomes that align with the aspirations of our esteemed shareholders in the upcoming period."

Moreover, he emphasized that the capital increase will fortify the Group's capital foundation and enhance its Capital Adequacy Ratio (CAR). He also underscored ABK's resolute commitment to implementing its transformative strategy in a manner that positively impacts both shareholders and customers.

Mr. Muqames elucidated that once all related procedures are finalized, the Group will be equipped to offer new products and services that augment customer value, elevate levels of innovation within the banking sector, and substantially invest in digital services. Doing so would allow for comprehensive solutions to be provided to stay in stride with the rapid pace of change.

Additionally, Mr. Muqames highlighted a plethora of operational advancements that have transpired in recent times, most notably the successful closure of joint facilities totaling $600 million through the Group's DIFC branch last June.

He proceeded to affirm the Group's unwavering commitment to its ongoing digital transformation journey, which has already yielded noteworthy results. Manifesting this commitment, ABK proudly inaugurated its pioneering digital branch at Al Khiran Mall. This momentous milestone marks a leap in offering comprehensive banking services to local customers, further solidifying the Group's position as an innovative financial services provider in the region.

Since its establishment in 1967, ABK has progressed to become one of the leading Kuwaiti banks in the region that is today known for offering a simpler banking experience. The Bank offers personal, corporate, and private banking of which includes a wide array of products and services. ABK also provides a broad range of local, regional, and global investment solutions and services through its subsidiary, ABK Capital. Enjoying equal stability and strength, the Bank also offers the convenience of banking across the region, servicing other markets in Egypt and the UAE.