ABU DHABI, 4th July, 2022 (WAM) — The CEOs Consultative Council of UAE Banks Federation (UBF), the umbrella body representing banks operating in the UAE and the unified voice for the UAE banking sector, held its first meeting under the chairmanship of Mohammad Omran Al Shamsi, Vice Chairman of UBF, Chairman of RAK Bank, and attended by CEOs of UBF member banks.
The CEOs Consultative Council was established as per the resolutions of UBF General Assembly meeting and Board of Directors meeting, held in December 2021 and April 2022, to complement the CEOs’ Advisory Council. The newly established council will provide a broader platform for CEOs of member banks to share their opinions, benefit from their experiences, and widen decision-making bases.
The CEOs Consultative Council represents necessary support to UAE Banks Federation and the CEOs’ Advisory Council, which has continued to represent the banking sector since its inception ten years ago. The two councils will be a comprehensive advisory platform on various topics that contribute to the progress of the financial and banking sector and the UAE economy in general.
At the beginning of the meeting, Al Shamsi welcomed the CEOs of member banks and briefed them about the Council’s operating model and rationale behind establishing it, explaining the coordination of efforts between the two before presenting UBF initiatives to the respective bodies in the country.
He explained that the establishment of the CEOs Consultative Council confirms UBF’s belief in the value of sharing knowledge and experiences among member banks to achieve its objectives, as wells in raising public awareness about the beneficial role and distinctive contribution of UAE banks in financial, economic and social development through cooperation, communication and interaction under the supervision of CBUAE.
Al Shamsi also underlined the CEOs Consultative Council’s important role in enabling member banks to build a competitive and sustainable banking ecosystem that supports the socio-economic development of the UAE.
Jamal Saleh, Director-General of the UAE Banks Federation (UBF), highlighted the UBF mission and vision as well as the role of the CEOs Consultative Council in supporting the board of directors, the CEOs’ Advisory Council, member banks and the financial and banking sector in the UAE to cement its status among the best banking sectors in the world.
He also presented UBF’s plans for 2022 and beyond, its upcoming initiatives in line with Central Bank of the UAE (CBUAE) directives, as well as significant developments and challenges the banking sector faces locally and globally and how to address them.