Bank of Sharjah increases capital to enhance its financial position

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Bank of Sharjah increases capital
Rep. Image

Bank of Sharjah has approved to increase its capital by $217 million (AED800 million) during its Annual General Meeting.

This move is set to enhance the Bank’s financial position and foster future growth. The strategic step involves issuing 800 million new shares at par.

According to the statement, Sharjah Asset Management, the investment arm of the Sharjah Government, will be the primary beneficiary of this capital increase, raising its shareholding in the bank from 17.16 percent to approximately 40 percent.

This development demonstrates the strong and continued partnership between the Bank of Sharjah and the Government of Sharjah. The Bank has already obtained the approval of the capital increase from the Central Bank of the United Arab Emirates (CBUAE) and the Securities and Commodities Authority (SCA).

Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Bank of Sharjah, said that “this significant capital injection is a testament to the unwavering confidence our strategic shareholder places in our vision and future endeavors.”

“With this boost, we are now empowered to accelerate growth, enrich customer experiences, reward shareholders, and make a profound impact on the community at large,” the Chairman of the Bank of Sharjah further added.

The capital increase will bring the Bank’s total capital to $816 million (AED3 billion), significantly bolstering its financial position and enhancing its ability to pursue new opportunities and investments.

This move signifies the Bank of Sharjah’s commitment to maintaining high standards in its operations and contributing to the growth and development of the Emirate of Sharjah and the UAE.

Related: Dubai International Financial Centre enacts new Venture Studio Regulations