By: Ramy Samih
Abu Dhabi – Mubasher: First Gulf Bank announced on Sunday that it plans to issue sukuk worth AED 1.5 or 2 billion in 2016, the bank’s chief executive officer, Andre Sayegh, said on Sunday.
During the bank’s ordinary general meeting (OGM), Sayegh said that 2% of total loans, amount to AED 3.5 billion ($952.9 million), go to small and medium enterprises.
He added that bad loans value rose 2.8% by the end of 2015 as a result of the global economic scene.
“The bank eyes two new branches in the United Arab Emirates,” Sayegh told Mubasher.
The bank’s shareholders approved today a proposal to pay cash dividends at 100% of its capital or AED 1 ($0.27) per share, totalling AED 4.5 billion ($1.225 billion), for the fiscal year 2015.
Translated by: Elwy el-Manzalawy
