Qatar First Bank's (QFB) Extraordinary General Assembly approved the Board's recommendation to reduce the Bank's capital by 65 percent.
HE Sheikh. QFB Chairman Faisal bin Thani Al-Thani, commented: "It was not an easy resolution for the BoD to call shareholders today to approve a capital reduction by 65 percent. However, we made this resolution to amortize previously accumulated losses to allow us move forward to serve the best interests of QFB shareholders."
His Excellency added: "I assure you that the current BoD shall exert its best efforts to put QFB on the right route of growth and profitability. Over the next few months, we shall reveal new products and restructuring exercise that are initial steps to put QFB on the right track again."
For his part, QFB CEO Ali Mohammed Al Obaidli, also commented: "We will proceed with the proposed capital reduction plan that will play a significant role in our growth. Our outlook is very firm and optimistic. The launch of revised strategy and appointment of new BoD and management team will definitely boost our performance and accelerate momentum of coming back into the green."
Banks EGM through shareholders approval, adopted a special resolution to approve QFBs Board of Directors share capital reduction recommendation in accordance with regulatory requirements by the Qatar Financial Markets Authority (QFMA), QFC rules and others applicable laws.
The Bank will now seek to fulfill the necessary regulatory and legal arrangements to effect the capital reduction recommendation.
The process will essentially be a balance sheet transaction effected by means of an accounting adjustment all within the "Total Equity" section where the net Equity before and after the proposed Capital Reduction will remain unchanged.
The transaction will have no impact on the cash position or financial liquidity of the Bank. Another special resolution was passed approving certain alterations to the articles of association in accordance with the new corporate governance regulations issued by QFMA.
Key focus areas of the new strategy will include organic growth of the banks customer base of high net worth Individuals, institutional investors and government related entities. Furthermore, the team directly acquired several yielding real estate properties in the US and UK while structuring several capital protected structured products.
To achieve sustainable business growth and to turn around financial and business performance, the bank board have decided in favor of adopting a timely strategy that focuses on shifting the banks operating model to fee income on investment products.
Launched in 2009 as an investment bank, QFB has since evolved to broaden its offering to combine the best of a private bank with bespoke investment solutions tailored for the protection, preservation and growth of wealth.
QFB provides a wide range of products and services including alternative investments focused on private equity and real estate, private banking and wealth management, corporate and institutional banking, as well as treasury and investments.
QFB, with a clear strategy, highly experienced team, and solid shareholder base, is a trusted advisor for high-net-worth individuals, corporate and institutional clients and a gateway to opportunities in Qatar, the region and global markets.
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