(MENAFN- Khaleej Times) Commercial Bank International (CBI) on Sunday announced that it's shareholders have approved increased percentage of foreigners' shareholding to 49 per cent.
The shareholders approved a resolution to increase the shareholding of the total amount of shares of the bank during the Extraordinary General Meeting (EGM).
Commenting on the resolution, CBI chairman Mohammad Sultan Al Qadi said: "We had a successful EGM meeting .... and the shareholders approved the resolution concerning foreigners' shareholding percentage, increasing it to 49 per cent of the total shares."
CBI chief executive officer Kris Babicci said: "This new resolution will have a positive effect on the bank's ability to grow and increase its market share in the UAE banking and financial sector. We will open five new branches in strategic locations around the UAE before the end of the year. This will enhance accessibility to our customers and visibility to new customers."
Last Sunday, CBI had reported very strong results with a net profit of Dh141.3 million, up 153.7 per cent, for the first six month period ended June 30, 2012 as compared to Dh55.7 million reported during the corresponding period in 2011.
As a three month period of Q2 2012, it is also an increase in net profit of 13.7 per cent compared to the first quarter results ending March 31, 2012.
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