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ADIB raises foreign ownership limit to 40%

ADIB raises foreign ownership limit to 40%
This move aims to diversify the bank's investor base
ADIB
ADIB
-2.50% 10.92 -0.28

Abu Dhabi – Mubasher: The shareholders of Abu Dhabi Islamic Bank (ADIB) have nodded to raise the bank's foreign ownership limit to 40% from 25%.

This move aims to diversify the bank's investor base and strengthen the UAE's position as an attractive destination for foreign direct investment, according to the bank's recent press release.

 The ADIB Group CEO, Mazin Manna, commented: "2019 marked another successful year for ADIB with a healthy increase of profit and revenues across key businesses. This has been complemented by our discipline in managing costs across the bank by implementing a number of optimization initiatives, resulting in a flat expense base."

During the ordinary general meeting (OGM) held on Sunday, 29 March, the shareholders have also agreed on distributing AED 994.313 million cash dividends for 2019, representing 38.23% of the bank’s full-year net profits.