(MENAFN- The Peninsula) The Peninsula
Doha: The Board of Directors of Umnia Bank held a meeting in the Moroccan city of Casablanca. The meeting was chaired by Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman, in the presence of Lotfi al-Saqqat, Vice-Chairman of the Board, and board members.
The meeting discussed strategy to enhance the bank's operations and expand its presence in the Moroccan market, the budget for 2020 and the business plan for the coming years. The Board recommended to the general assembly meeting to increase the capital of Umnia Bank from 600 million Moroccan dirhams to 1.1 billion dirhams in order to meet the requirements of the bank's steady expansion and respond to the Moroccan market's need for participatory banking services provided by Umnia Bank.
In view of the demand from various sectors of business and citizens, it was decided that the issue of capital increase be placed as an item for consideration at the Umnia Bank's general assembly meeting.
Sheikh Dr. Khalid expressed his 'deep satisfaction with the progress Umnia Bank achieved since its establishment in July 2017 after having obtained the final license in March 2017.
During the period that followed, which indeed is a short period of time, Umnia Bank had many accomplishments in the Moroccan market.
The bank was able to establish some 29 branches in various Moroccan cities, and it is expected that three new branches will be opened by the end of this year.
He added: 'We do not miss this opportunity to extend our thanks and appreciation to the supervisory authorities in the Kingdom of Morocco for their support, without which we would not have been able to move forward at this pace. This certainly reflects the attractive investment environment in Morocco and facilitates the role of the banking sector as one of the main pillars in supporting the local business sector.
He continued: 'We are completely satisfied with the customers' response to what Umnia Bank offers and their demand for its various services. These are evidence of the fact that we are heading in the right direction. We aspire to put more emphasis on responding to customers' needs with a suite of products and services that meet their aspirations.
'In fact, creativity on the part of participatory banking services opens up a new horizon to the Moroccan market, given the recent experience and our ability to transfer our successes in Qatar to the sisterly Kingdom of Morocco.
Sheikh Dr. Khalid thanked the Executive Management of Umnia Bank for the great efforts they have made during the past period. He stressed that there are great responsibilities vested with the administration because the bank is still in the launch stage. It needs extra efforts to consolidate the financial position and stimulate innovation and creativity and respond to the needs of market.
He expressed his optimism about Umnia Bank and its business performance and the great opportunities that exist to achieve more successes in the Moroccan market. This will help the bank to create a solid impression on the Moroccan economy and also contribute to building a role model in strengthening fraternal relations between Qatar and the Kingdom of Morocco. Umnia Bank is the result of a partnership among QIIB, Credit immobilier et hotelier (CIH) and Moroccan Deposit and Management Fund.
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