| 12 Jul 2010 |
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BARWA Bank Announce Results of Ordinary and Extraordinary Shareholders Meetings
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12 July 2010 - Doha, Barwa BankBarwa Bank
today announced that the resolutions put forward in relation to their proposed acquisition of the entire capital of First Finance CompanyFirst Finance Company (Q.S.C) and First Leasing CompanyFirst Leasing Company (Qatari Private Shareholding Company) ("The transaction") were duly passed at the ordinary and extraordinary general assembly meeting of Barwa BankBarwa Bank ("shareholders meeting") held today, 12 July 2010. Barwa BankBarwa Bank's shareholders meeting was attended by shareholders representing 77.3 per cent of Barwa BankBarwa Bank's total outstanding share capital and the following resolutions relating to the Transaction were approved at the shareholders meeting:
1. To approve the acquisition of a minimum of 75% up to the entire capital of First Finance CompanyFirst Finance Company (Q.S.C) in accordance with the offer submitted by the board of directors of Barwa BankBarwa Bank to the board of directors of First Finance CompanyFirst Finance Company (Q.S.C)
2. To approve the acquisition of a minimum of 75% up to the entire share capital of First Leasing CompanyFirst Leasing Company (Qatari Private Shareholding Company) in accordance with the offer submitted by the board of directors of Barwa BankBarwa Bank to the board of directors of First Leasing CompanyFirst Leasing Company (Qatari Private Shareholding Company)
3. To approve the amendment of article 23 of the articles association of Barwa BankBarwa Bank
to increase the number of board of directors from seven to nine membersCommenting on today's announcement Barwa BankBarwa Bank Vice Chairman, Sheikh Mohammed Bin Hamad Al Thani noted:
"Barwa BankBarwa Bank
's mission is to create a truly Universal Islamic Banking Group based out of Qatar. This transaction is therefore consistent with our strategy of growing our consumer finance, retail, commercial, asset management and private client banking platforms whilst delivering superior service and products to our customers.We believe that First FinanceFirst Finance will thrive as part of the BARWA Bank Group. We look forward to supporting First FinanceFirst Finance and building an even stronger business in this core area of the market. We have been impressed by the management and how well the business has performed and look forward to investing in its future development"
Dr. Khalid Al-Sulaiti, CEO of First Finance CompanyFirst Finance Company, added:
"I am very pleased that this transaction, which is an attractive outcome for our shareholders, clients and employees, has been approved at today's meeting. This combination is underpinned by a compelling fit and sees First Finance CompanyFirst Finance Company becoming part of a major and respected Qatari financial services group.
First FinanceFirst Finance is a successful business with a respected brand, experienced employees and a loyal client base. This transaction is enhanced by a strong strategic fit and common vision. With very limited overlap between Barwa BankBarwa Bank's existing operations, continuity will be ensured for clients and employees. Being part of Barwa BankBarwa Bank will reinforce the strong momentum in our business and we will be well placed to grow organically. "
If shareholders of Barwa BankBarwa Bank or First Finance CompanyFirst Finance Company (Q.S.C) have questions about the Transaction, they can visit the dedicated transaction website (http://www.barwabank-firstfinanceacquisition.com) or call Barwa BankBarwa Bank or First Finance CompanyFirst Finance Company.
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For more information, please contact
BARWA Bank
Hussain Fakhri - Head of Marketing & Communications
Tel: +974 448 8344
Citigate Dewe Rogerson
Seb Hoyle / Habib Bacha / Lucie Holloway
Tel: +974 452 8335
© Press Release 2010
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