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Abu Dhabi, February 25, 2019: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, successfully concluded its General Assembly Meeting (GAM) today at FAB’s headquarters in Abu Dhabi.
During the meeting, the distribution of 74% cash dividends (AED 0.74 per share) for the financial year ended 31 December 2018 were approved for registered, entitled shareholders. Owners of FAB shares registered on Thursday, 7 March 2019 (i.e. buyers on Tuesday, 5 March 2019) are entitled to cash dividends.
Shareholders also approved FAB’s financial statements for the year ended December 31, 2018 in addition to the bank’s proposition to increase its foreign ownership limit from 25% to 40%, subject to regulatory approvals.
Commenting on FAB’s performance, Abdulhamid Saeed, Group CEO of FAB, said: “Consistent with our commitment to maximise shareholder returns, we are pleased to announce the distribution of 74% cash dividends, totalling AED 8.06 Billion, an increase of 6% from last year. This is a record total for FAB and the highest dividend distribution in the UAE this year, reflecting our continued focus on delivering sustainable growth in shareholder returns.”
He continued: “Having completed our integration journey, the bank is well positioned to unlock its full potential and to continue to maximise shareholder value in 2019 and beyond. The decision to increase the foreign ownership limit is also aimed at further enhancing our liquidity and diversifying our investor base, which in addition to our other initiatives, will work towards creating greater value and opportunities for all our stakeholders.”