Ibb Governor Inaugurated the Office of CAC Bank

3/14/2009 12:00:00 AM

The Governor of Ibb governorate Mr. Ahmed Abdullah Al-Hajri inaugurated the office of Cooperative and Agricultural Credit Bank at Taiz Street in Ibb governorate. Mr. Al-Hajri hang on inside the sections and departments of the office, and listened to explanations from the General Manager Mr. Yahya Al-Sabri and Ibb Branch Manager Mr. Ghailan Al-Qudami about the banking services offered by the office to its clients including deposits, remittances, lending, savings, bill payments and others.

At the ceremony, the Governor praised the outstanding activity and continuous success of CAC Bank’s management and the expansion in offering banking services in new provinces including Ibb and other different Yemeni governorates, which flow with the economic, commercial and investment trends as well as serving the large base of Ibb expatriate. The governor added that the authorities of Ibb province will support the banking and financial activities which represents assisting instruments for all aspects of development including agriculture and tourism sectors that will qualify Ibb governorate to be the first tourist province locally and regionally. He also said that investors are entitled to take advantage of the facilities granted to them to execute economic projects in the Ibb province.

Furthermore, a speech on behalf of the Chairman of CAC bank delivered by Mr. Mohammed Taqi - the General Manager Assistant stating that the opening of this new office comes within the objective of CAC Bank to expand economically in Ibb province as well as the aim to spreading out by opening new branches and offices which reached 71 distributed in all over the governorates of Yemen.  Then Mr. Taqi demonstrated the activities of the Bank during the last year 2008 in which total deposits reached to YER 172 billion and achieved total assets for YER 192 billion.

Consequently, Mr. Abdulla Al-Saeedi – Branch Manager of the CBY pointed out to the constant wide-range accomplishments of Cooperative & Agricultural Credit Bank during the past couple of years, while previously it was limited to cooperative and agriculture activities, CAC Bank is currently attaining wonderful steps by offering comprehensive banking services and diversified activities which produced a growth rate of cash flow from YER 15 billion in 2007 to YER 46 billion in 2008.

During the event attendants were impressed by national and welcoming anthems presented by young female’s students from 14^th of October School, as well as displaying an explanatory movie to clarify the key stages of development the bank passed through and clarifications about the last two years’ volume of activities including all banking aspects, monetary movements and investments.

The inauguration ceremony was attended by some officials from the authority of governorate and representatives from CAC Bank as well as number of businessmen and traders.