HH Sheikh Hazza Bin Zayed elected First Gulf Bank Chairman

In a statement following the meeting, the Board expressed its great appreciation to former Chairman Sheikh Mansoor Bin Zayed Al Nahyan and Board members for their considerable efforts in driving the bank forward, maximising value for all stakeholders and achieving consistent high financial growth

In addition to this, the new elected First Gulf Bank board includes, Ahmed Ali Al Sayegh, Dhafer Sahmi Al Ahbabi, Abdulhamid Saeed, Khaldoon Khalifa Al Mubarak and Khadem Abdullah Al Qubaisi.

The Board of Directors has also appointed Abdulhamid Saeed, as the Managing Director of the bank.

During the meeting, the Board reviewed the strategy and plans for 2006 the plans includes comprehensive expansion of its UAE operations. Part of the plans include new branch openings, improved network channels, launch of new corporate, retail, and investment products and launch of Islamic banking products.

The strategy follows the bank's recent annual general meeting in the capital when it announced to shareholders a 331% increase in net profit to reach AED 1.056 billion and declared a 25% shareholder cash dividend and 25% share bonus.