GFH described the meeting — which was also attended by other senior officials from both the CBB and the bank — as a constructive one.
Al-Maraj highlighted the importance of the continued cooperation between GFH and the CBB and the importance of updating the CBB with latest developments at GFH. The governor added that the initiatives and steps taken by GFH would contribute to improving its current position and would allow it to see through this difficult period.
Al-Maraj wished the board and the bank all the best in implementing its plans. "A number of issues were discussed during the meeting including GFH's business plan and strategy for 2010, the steps taken by GFH to strengthen its liquidity position, its successful refinancing initiatives, measures taken to reduce the financial strains on the bank, provisions taken in the recently announced financial results, progress of non-core asset disposals, and future growth plans that will return GFH to profitability," said the bank in a statement.
GFH board members present at the meeting were Hamad A. Al-Shaya, the board's deputy chairman; Antony Travis, independent consultant and head of the Audit Committee; Bader N. Al-Subaiee, managing director of Kuwait Investment Company; Musabah Al-Mutairy, general manager of the Royal Guards Pension Fund of Oman; Yousuf Khayat, representative of the Saudi Economic and Development Company (SEDCO); Adel D. Al-Ohali, general manager of Ohali Group; Abdulla Ali Al-Hamli, CEO of Dubai Islamic Bank (DIB); Abdul Latif Al-Meer, representative of Qatar Islamic Bank (QIB); Mohammed Ebrahim, CEO of Bahrain Islamic Bank (BISB); and Ted Pretty, GFH's acting chief executive officer.
Esam Janahi, GFH chairman, extended his thanks to the governor for the meeting. He further expressed the high esteem and respect that the GFH board holds for CBB given its role in supervising the activities of banks and financial institutions in Bahrain.
Janahi also highlighted the importance of these measures in strengthening financial institutions in Bahrain and in supporting Bahrain's position as a regional hub for financial and banking activities.
Janahi earlier said that GFH would remain KHCB's main supporter. "Considering the current difficult circumstances, there needs to be an even greater effort from everyone to manage and overcome the crisis affecting the regional and international markets. It demands transparency and dedication to lead GFH's activities in coordination with the executive management. I want to continue concentrating my efforts on supporting GFH, and position it for success as we seek to return to profitability. We enjoy fantastic support from the board and its shareholders and God willing, target returning to profitability in the first quarter," Janahi added.
Pretty was also nominated as board member of KHCB.
