Sana'a - Saba:
The Board of Directors of the Yemeni Banks Association confirmed that the measures taken by the Central Bank in Aden to attempt to establish a governing body for the Association of Banks are illegal and in violation of all laws and regulations.
The Board, in its meeting in Sana'a, attended by all its members, addressed reports circulating on some news websites regarding the Central Bank in Aden organizing a meeting called by a number of bank branches operating in Aden. The meeting announced the formation of an administrative body for the Association of Banks and the relocation of its headquarters to Aden as an alternative to its official headquarters in the capital, Sana'a. This constitutes a violation of the Association's bylaws.
The Board of Directors and the General Assembly, representing all banks operating in Yemen and its members, condemned the illegal measures taken to attempt to establish an administrative body for the Association in Aden.
The Banks Association clarified in a statement that it was established pursuant to Article (80) of Banking Law No. 38 of 1998 as a civil society organization concerned with protecting the interests of its member banks and strengthening the foundations of cooperation between them to serve their common interests. Article 3 of the bylaws approved by the Association's General Assembly and the Central Bank of Yemen stipulates that the city of Sana'a shall be its headquarters. It is the headquarters of the association.
The statement indicated that the association's current management continues to carry out its duties at its official headquarters in the capital, Sana'a, under the direct supervision of its Board of Directors and General Assembly. It emphasized that the only body authorized to elect the association's Board of Directors is the General Assembly, composed of the chairmen or general managers of the member banks. It also affirmed that this body alone is authorized to introduce any amendments to its bylaws at its extraordinary meeting.
The statement stated that the Central Bank of Aden's actions fall outside its authority and violate all laws and regulations governing its activities and defining the scope of its powers and authorities. It emphasized the right of banks to establish an association that operates professionally and independently to protect their interests and rights. Such a measure constitutes blatant interference in the affairs of a civil society organization affiliated with banking sector institutions that engage in financial and commercial activities and have no connection to the government administrative apparatus.
It pointed out that the Central Bank in Aden, in an attempt to mobilize votes in support of this partition project, invited a number of representatives of newly established banks operating in the city who were not members of the association and included them in voting for what it called the "administrative body." It even selected a number of them to lead this body, knowing that their banks were not originally members of the Yemeni Banks Association and did not represent it.
The Yemeni Banks Association affirmed its categorical rejection of all measures taken, considering them illegal and issued by unauthorized parties.
The statement noted that the Association's Board of Directors has called on more than one occasion to maintain the sector's neutrality and has issued numerous appeals to all parties to avoid tampering with the independence of the banking sector, to cease their attempts to drag it into the political conflict and its tensions, and to work to provide effective facilitations and solutions to the difficulties facing the sector and to create a neutral, safe, and supportive environment for its activity and professionalism.
The statement called on the Central Bank of Aden to respect the independence of the Association of Banks and to cease implementing or supporting any activities or practices that harm the banking sector's activity and the cohesion of its institutions.
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