Gulf Finance House hosts general meeting
Manama, March 29, 2012
Gulf Finance House (GFH) held its annual general meeting (AGM) today (March 29) at its offices East Tower offices in Bahrain Financial Harbour.
At the meeting, shareholders were updated on GFH’s activities and financial performance during 2011, a singularly challenging year for the regional banking sector, said a statement. It looked at market conditions in 2011, and the steps that GFH took in its drive to return to profitability by the end of the year.
Shareholders reviewed and approved the minutes of the previous meeting held on May 8, 2011, the corporate governance report and the board of directors’ report on GFH’s business activities and the audited financial statements for the year ending December 31, 2011.
In addition, the shareholders approved the rest of the agenda which included the re-appointment of the Sharia’a supervisory board, the re-appointment of KPMG as external auditors and an increase in the number of board memberships to reach up to eight members, the statement said.
Commenting on the positive strides the bank made in 2011, Dr Ahmed Al Mutawa, vice chairman of GFH, said: “GFH’s return to profitability signifies the success of the recovery plan that was put in motion in 2010, which was originally viewed in an extremely critical light. The strength of the bank lies in its shareholders, and ensuring that we meet their needs remains one of our primary goals.” – TradeArabia News Service
More Finance & Capital Market Stories
- ADS to enter UK in 2014, starts pricing yuan
- Citadel cuts net loss as regional unrest eases
- Saudi inflation edges up to 3.1pc y/y in Nov
- Kuwait's Investment Dar reaches key debt agreement
- Banks on alert over ATM fraud
- Bahrain's economy bounces back on positive outlook
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity
- Egypt urban inflation hits 4-year high in Nov
- Adib honoured for SME support services