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New medium-term strategy for Al Khaliji France

Qatar: Monday, April 05 - 2010 @ 13:41

During the meeting, the Board of Directors approved the 2009 financial statements of Al Khaliji France and submitted them to the next general assembly of shareholders. The Board also approved Paris and UAE budgets for 2010, as well as the new medium-term strategy for Paris and the UAE.

Al Khaliji France, formerly called “BLC Bank (France) S.A.”, was acquired by al khaliji at end-2008. After acquisition, al khaliji injected EUR70m in the Bank’s capital to boost and grow its business. According to the new medium-term strategy for France and the UAE, the key objectives are to continue to grow the existing business with preferred customers and to support and assist the Group in leveraging footprint and banking French companies in Qatar and the UAE. The Bank also looks to meet the growing needs of Qatari High Net Worth Individuals seeking to acquire Paris based property.

Robin McCall, al khaliji’s acting Chief Executive Officer and Director of Al Khaliji France said: “The commitment of the employees in working together, post acquisition, to integrate the business and support areas has led to increased efficiencies and reduced costs. Further, the tactical measures implemented during 2009 has led to a year-on-year increase in profitability, notwithstanding the challenging economic and financial environment”.

al khaliji also attended the 5th Finance & Investment in Qatar Forum. al khaliji’s delegation was led by His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman of the Boards of Directors of al khaliji and Al Khaliji France, and included Mr. Robin McCall, al khaliji’s acting Chief Executive Officer, Mr. Andre Tyan, General Manager of Al Khaliji France, Dr. Charbel Cordahi, Head of Investor Relations at al khaliji, and Mrs. Nayla Djamal and Mr. Maroun Moubarak, Senior Principals at Al Khaliji France.

On the sidelines of the Forum, al khaliji’s delegation met with a large number of Qatari and French companies attending the event. His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani said: “The Forum was an excellent opportunity for business and political leaders from Qatar and France to meet and discuss new projects and plans. al khaliji believes in the mutual benefits of a strong relationship between the two countries. Our activities in France, via our subsidiary Al Khaliji France, reflect our commitment to developing the business and economic ties between our countries”.

Earlier this year, al khaliji attended the Mena Conference in Qatar that was organized by Beltone Financial and sponsored by the Qatar Exchange. al khaliji was represented by Mr. Robin McCall, acting Group Chief Executive Officer, Mr. Christiaan de Beer, Group Chief Financial Officer, and Dr. Charbel Cordahi, Head of Investor Relations. al khaliji showcased and discussed its new medium-term strategy and key projects during its one-on-one meetings with institutional investors, analysts, and fund managers.

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Monday, April 5- 2010 @ 13:41 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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