RIYADH, 14 December 2004 — All the six present members of Saudi British Bank’s (SABB) board of directors were re-elected at its ordinary general assembly meeting held in Riyadh yesterday.
The re-elected directors are Abdullah Mohamed Al Hugail, Fouad Abdulwahab Bahrawi, Khalid Abdullah Al Molhem, Khalid Sulaiman Olayan, Sulaiman Abdulkader Al Muhaidib and Ahmed Sulaiman Banaja.
While detailing the achievements of the bank during the tenure of the previous board, its chairman Al Hugail said SABB’s net profits up to the end of 3rd quarter 2004 amounted to SR1.234 billion, an increase of 35.4 percent compared to the net profits registered for the same period last year.
He said that SABB increased its capital to SR2.5 billion and added that such achievements would not have been attained without the positive and effective contribution of the board members who exerted tremendous efforts in support of the bank’s development.
At the end of his speech, the chairman thanked the board members for their distinguished efforts and wished them all success. He also thanked the shareholders for their support and expressed his confidence that the new board would continue its efforts to enhance the role of SABB as one of the leading financial institutions in the Kingdom and assist the bank to carry out its services.
The general assembly was attended by a large number of shareholders, and the attendance was 79.56 percent, an indication of the good interaction between the board and shareholders.
