Tuesday 24 November 2020 - 11:20:18 am

UAE Banks Federation’s General Assembly approves budget, action plan for 2020


ABU DHABI, 14th October, 2020 (WAM) -- UAE Banks Federation, UBF, held its General Assembly Meeting on October 13th, 2020, via videoconferencing.

The meeting, chaired by Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation, in the presence of UBF’s Board of Directors and representatives of UBF’s member banks, reviewed and approved the minutes of the previous General Assembly Meeting, and absolved UBF’s Board of Directors and Auditors for the financial year ending 31st December 2019.

Members also approved the Annual Report for the year 2019, the Audited Financial Statements and the Auditors' Report for the year 2019 and the appointment of Auditor for 2020. They ratified the budget for 2020, and approved strategic objectives and action plan for the year 2020.

AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, said: "It has been a privilege to see UAE Banks Federation playing a significant role in facilitating positive developments and transformations that are taking place across the banking sector. Despite the unprecedented global conditions that we are witnessing in this period, as well as the challenging environment of COVID-19 pandemic, we are proud of UBF’s achievements during 2019 and year to date 2020, particularly in relation to key initiatives aimed at protecting customers and banks against – for example – cyber attacks, as well as enhancing fraud prevention across the banking landscape, in addition to many innovative banking solutions being brought on board."

"On behalf of UBF, I would like to thank the Board of Directors for their guidance and dedication. Together, we will collectively navigate the way forward with the uninterrupted support of our members and technical committees, in addition to the coordination and consultation with the Central Bank of the UAE and other stakeholders and their enormous contributions to UBF’s success year after year, to further develop sustainable and innovative banking platforms in the UAE, and ensure a robust business continuity during the challenging time of COVID-19," he added.

Other topics and items on the agenda were also discussed and attended to as well as approved during the meeting. Finally, the members wished the Federation more success and progress in the future.

WAM/Tariq alfaham/Hatem Mohamed