Tawasul
Mubasher TV
Contact Us Advertising   العربية

FAB raises foreign ownership limit to 40%

FAB raises foreign ownership limit to 40%
Emiratis must have at least 60% of the bank’s capital
FAB
NBAD
-0.41% 14.74 -0.06

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) on Monday announced the new ownership limit on First Abu Dhabi Bank’s (FAB) shares that became effective as of 14 April.

All of the shares in FAB are nominal, and Emiratis must have at least 60% of the bank’s capital all time, the ADX said in a statement.

Last week, the UAE’s biggest lender by assets announced receiving the required approvals from the Central Bank of the UAE (CBUAE) and the Securities and Commodities Authority (SCA) to increase foreign ownership limit to 40% from 25%.

For the full-year 2018, FAB’s net profits grew 10% to AED 12 billion, compared to AED 10.9 billion a year earlier.