Repositioning and restructuring actions

European Islamic Investment Bank plc

Repositioning and restructuring actions

As part of its strategic repositioning, the Board of European Islamic Investment Bank plc ('EIIB' or the 'Bank') announces that it has decided to take action to reduce the Bank's headcount as well as its overall cost base to align it more closely with recurring revenue.

The principal changes are as follows: -

·; Annualised cost savings of approximately 40%

·; Headcount reduction from 35 to 17

·; Closure of Bahrain Representative Office

·; A one-time restructuring cost of £0.75m

The Board has also decided to close the Turath Quoted Equities Fund (TQEF). This will result in £13.6m of seed capital being released from the fund to EIIB which will be available for future investment opportunities.

EIIB Chairman Mr. Shabir Randeree commented, "In a very challenging environment it is important to stay lean and focused and I believe the reorganisation will help achieve these objectives. It is always difficult to lose team members, but EIIB retains all its core capabilities and infrastructure, and will be well positioned to take advantage of future opportunities. The Board of EIIB will outline a new strategic direction for the Bank by the end of the year, which I anticipate will focus on asset management and the GCC region."

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