Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) on Thursday 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%.
The amendment will be effective as of Sunday, 14 April, the UAE’s bank said in a statement to the Abu Dhabi Securities Exchange (ADX).
In February, the ordinary general meeting (OGM) of the UAE’s largest lender by assets approved increasing foreign ownership in a bid to improve the bank's liquidity and diversify its investor base.
For the full-year 2018, FAB’s net profits grew 10% to AED 12 billion, compared to AED 10.9 billion a year earlier.
