In 2008, the name of Banque de la Bekaa was changed to Emirates Lebanon Bank SAL. and the capital was increased to US$ 150 Million. On 30/9/2008 the acquisition of assets and branches of BNPI Lebanon was completed, and BNPI – Paris entered as a partner holding 19% of the capital.  The exclusive launching and official inauguration of Emirates Lebanon Bank SAL and our entry to the Lebanese market were perceived favorably by the financial establishments and welcomed by the Lebanese and Gulf communities.

• Total Assets increased by AED. 5,031 Million, to reach AED. 15,820 Million as at 31/12/2008, against AED. 10,789 Million as at 31/12/2007, up by 47%.
• Total Liabilities increased by AED. 3,487 Million, to reach AED. 11,977 Million as at 31/12/2008, against AED. 8,491 Million as at 31/12/2007, up by 41%.
• Total Equity increased by AED. 1,545 Million to reach AED. 3,843 Million as at 31/12/2008, against AED. 2,298 Million as at 31/12/2007, up by 67%, due to the successful conversion of the bonds during March 2008. Total Equity represents 24% of Total Assets.
• Total Customer Deposits increased by AED. 3,781 Million, to reach AED. 10,118 Million as at 31/12/2008, against AED. 6,337 Million as at 31/12/2007 up by 60%.
• Total Advances increased by AED. 5,028 Million to reach AED. 10,340 Million as at 31\12\2008, against AED. 5,312 Million as at 31/12/2007, up by 95%.
• Total Off Balance Sheet increased by AED. 2,257 Million to reach AED. 7,904 Million as at 31/12/2008, against AED. 5,647 Million as at 31/12/2007, up by 40%.
• Net liquidity decreased by AED. 1,095 Million to reach AED. 2,177 million as at 31/12/2008, against AED. 3,272 Million as at 31/12/2007, down by 33%.
The Bank realized Net Consolidated Profits as at 31/12/2008 of AED. 410 million against AED. 404 million as at 31/12/2007. The Bank maintained its high profitability despite the collapse of the Stock Market, and the transfer of AED. 70 million to General Impairment Credit Portfolio, and AED. 98.4 Million Permanent Impairment towards Available for sale Investments in compliance with International Accounting Standards. Emirates Lebanon Bank did not contribute to our profitability due to allocation for non recurrent expenses.

As at 31st December 2008 the Capital Adequacy Ratio stood at 22.4% as per Basel I guidelines compared to 10% required by the UAE Central Bank and 22.3% as per Basel II guidelines.
In a recent study published by Hawkamah (the Institute for Corporate Governance in the Middle East) , Bank of Sharjah ranked as the Second Listed Company and the First Bank  in the UAE to exercise good disclosure practices and was rewarded with  the “Best Board Award” .

It is worth noting that the composition of the Board in its current format existed ever since the Bank was established in 1973. The award crowns the 35th anniversary celebration of Bank of Sharjah and thus is a testimony to the past and present performance of the successive Board of Directors in the interest of the Bank and its Shareholders.

Fitch Ratings reconfirmed Bank of Sharjah rating as (A-) in February 2009, reflecting the bank’s strong capitalization, satisfactory profitability and asset quality and adequate liquidity.