EBI increases Emirates Financial Services Psc (EFS)'S Shareholder Funds and reconstitutes EFS's Board Of Directors (BoD)

EFS's paid-up equity has been increased to AED 125 million; with an additional subscription by EBI in a Convertible Debenture of AED 250 million. Currently, the shareholder funds inclusive of retained earnings exceed AED 400 million.

H.E. Ahmed Al Tayer also advised that Mr. Khalid Kalban (CEO, Dubai Investments PJSC), is the new EFS Chairman; taking over from H.E. Juma Al Majid. Mr. Helal Saeed Khalfan Almarri (Director-General, Dubai World Trade Centre) is EFS's Vice Chairman and will also chair the Board Governance Committee of EFS. Other new Directors on the Board of EFS are Mr. Abdullah Abdulrahman Abdulla Sharafi (Director, Gerab National Enterprises), Mr. Saeed Humaid Ahmed Bin Drai (Managing Director, Bin Drai Enterprises) and Mr. Abdul Wahid Al Fahim (General Manager, Corporate Banking Unit in EBI).

H.E. Ahmed Al Tayer added that the functional and organization structures of EFS have been modified to suit EFS's new growth phase. Mr. Suresh Kumar has been designated as EFS CEO and a team of experienced Executive and Senior Vice Presidents will form the management team; with a view to achieving the business plan, in a focused manner. EFS also intends to establish a presence in Saudi Arabia, Qatar and in Abu Dhabi and detailed plans are being formulated to avail of the opportunities emerging in the region.

Mr. Anis Al Jallaf, Group Managing Director and Chief Executive Officer of EBI stated that these moves will further enhance EFS's leadership position in investment banking activities, as well as its pioneering role in launching domestic and regional mutual funds and innovative investment opportunities.

EFS was incorporated by EBI in 1997, with a small capital of AED 25 million, and has proved to be strongly profitable; in terms of its Returns on Equity (ROE). EFS has also helped diversify Emirates Bank Group's fee income streams and has been positive and proactive in developing capital market activities in the region, in terms of bond issuance and initial public offerings (IPOs). With a substantial market share in such activities, EFS has been the Arranger and Mandated Lead Manager in all the major fixed income and equity placement transactions in the UAE.