Bank of Sharjah boosts capital by Dhs800m

Bank of Sharjah (BoS), one of the leading commercial banks in the UAE, announced the approval to increase the capital by Dhs800 million during its Annual General Meeting held on 4 May 2023. 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.

Sharjah Asset Management, the investment arm of Sharjah Government, will be the primary beneficiary of this capital increase, raising its shareholding in the bank from 17.16% to approximately 40%.  This development demonstrates the strong and continued partnership between 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 Bank of Sharjah, commented: “We are delighted with the outcome of the AGM. 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 capital increase will bring the Bank’s total capital to Dhs3 billion, significantly bolstering its financial position and enhancing its ability to pursue new opportunities and investments. This move signifies 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.