First Abu Dhabi Bank Approves 70 Percent Cash Dividend for 2017 at General Assembly Meeting

First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has successfully concluded its Annual General Assembly Meeting (GAM) today at FAB’s head office in Abu Dhabi.

During the meeting, the distribution of 70% cash dividends (AED 0.70 per share) for registered, entitled shareholders for the financial year ended 31 December 2017 were approved. Owners of FAB shares registered on 07/03/2018 (i.e. buyers on 05/03/2018) are entitled to cash dividends. FAB’s financial statements for the year ended December 31, 2017 were also approved during the GAM.

Abdulhamid Saeed, Group CEO of FAB, said: “2017 was a solid first year for FAB, with the bank’s resilient performance reflecting the strategic rationale of the merger, as well as the trust and confidence our shareholders have in us. In line with our commitment to maximise shareholder value and deliver top returns, we are very pleased to announce the distribution of 70% cash dividends, totalling AED 7.6 Billion. Up by 11% compared to 2016, this is the highest dividend amount distributed by the legacy banks historically.”

He continued: “With our focus now firmly on 2018, we are looking forward to a year of growth, as we continue to press ahead with our integration journey, leverage synergies, unlock new opportunities and build on our position as a financial services leader.”

All items on the GAM agenda were discussed and approved during the event.

Moreover, FAB is stepping up its presence in Saudi Arabia by venturing into commercial banking, a top executive said. The bank has already secured a licence from the Capital Markets Authority of Saudi Arabia to start investment banking.

“We submitted the application for commercial banking with SAMA [the Saudi Arabian Monetary Authority]. We think that the year 2018 is going to be the year for us to establish physically in Saudi Arabia and open a branch,” said Karim Karoui, group head of subsidiaries, strategy and transformation at FAB, while addressing the bank’s general meeting.