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 The general annual assembly and extraordinary assembly of the Middle East Bank were held on Wednesday morning, July 15, in Eram Hotel conference hall.
Seventy two percent plus of shareholders attended the meetings, held with the minimum shareholders due to health concerns, which were webcasted on-line. The independent auditor, statutory inspector and representative of the Securities and Exchange Organization were also present and the shareholders approved a 5000 billion Rials capital increase, out of retained earnings (profit capitalization). A 200-Rial dividend distribution, out of the 1398 profits, was also allocated to each share. The Middle East Bank made  a net profit of 8647 billion Rials in 1398, reflecting a 35% growth over the previous year of 1397.
In the beginning of the meeting, Mr. Khosro Nayebi, the MEB president of the board of directors and the chair of the meeting, welcomed the participant shareholders and on-line audience and then the participants elected Messrs Sheikhi and Behdash as supervisors and Mr. Khalili Sadatlu as the secretary of the assembly meeting, which with  the presence of representative of   Securities and Exchange Organization, representative of statutory inspector and independent auditor the panel completed.
Then, the chair invited the Bank’s financial deputy  to report the operations of the Bank’s Board to the shareholders.
Majid Nourmohammadi, appeared on the stage, welcomed the shareholders and, first, read the managing director’s message. He continued by giving the shareholders a summary of the MEB’s financial operations report.
The managing director’s message indicated: “the Middle East Bank, due to observance of professional standards and commitment of the management board to accuracy and healthy banking operations, stands amongst the few banks which meet the Basel standards on capital adequacy requirements of mass circulation, and now, considering the existing registered capital, enjoys the highest rank among the banks in terms of capital adequacy.
Notwithstanding restrictions imposed by sanctions on the banking system, in  order to protect and support the banking system customers,  we’ve endeavored to employ our full capacity in international arena for doing business and trade in the Euro zone, particularly for the provision  of humanitarian goods.
Transparency and accuracy of the Bank’s operations have always been high on the agenda of the Bank’s management and noticeable among the listed banks. Last year, the MEB shares were traded for 226 days, with a 92.09 percent free float shares in Tehran Securities Company (TSC) portal”.
The meeting continued by the representative of Bank’s statutory inspector, reading the auditor’s report to the shareholders and Mr. Nourmohammadi answered the questions and queries mentioned in the auditor’s report and those raised by the shareholders.
Before taking votes on other items in the agenda, Dr. Aghili, Managing Director of MEB, explained the Bank’s plans for future and answered shareholders questions.
The shareholders approved the report on the Board’s performance and the Bank’s financial statements and, in line with the meeting agenda, agreed with a 200-Rial cash dividend to be distributed among  the shareholders.
The Bayatrayan Auditing Firm was chosen as the MEB’s  main independent auditor and statutory inspector and Dash-va-Hamkaran accounting firm was chosen as the alternate independent auditor and statutory inspector for financial year of 1399.
The shareholders also set the remuneration and sitting fee of non-executive directors and designated Donya-e-Eqtesad and Ettelaat as the official newspapers of mass circulation for publishing the MEB’s notices.
The shareholders agreed with donation of 30 billion Rials, as the social responsibility activity of the Bank, to assist revamping schools in less developed regions.
It is worth mentioning that the extraordinary meeting immediately followed the general meeting and the shareholders, having heard the board of directors’ report on capital increase and the auditor’s report on the same, gave a unanimous vote in favor of a capital increase of 5000 billion Rials.