FAB okays record AED7.6bn dividend

ABU DHABI / WAM

First Abu Dhabi Bank (FAB) has successfully concluded its annual General Assembly Meeting on Sunday at FAB’s head office in Abu Dhabi.
During the meeting, the distribution of 70 percent cash dividends — AED0.70 per share — for registered, entitled shareholders for the financial year ended December 31, 2017 were approved. Owners of FAB shares registered on March 7 are entitled to cash dividends. FAB’s financial statements for the year ended 31st December 2017 were also approved during the meeting.
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 percent cash dividends, totalling AED7.6 billion. Up by 11 percent compared to 2016, this is the highest dividend amount distributed by the legacy banks historically.”

FAB to enter Saudi market this year
ABU DHABI / Reuters

FAB expects to enter Saudi Arabia’s banking market in 2018, a senior executive said on Sunday.
The bank has applied for a commercial banking licence in the kingdom, Karim Karoui, the bank’s group head of subsidiaries, strategy and transformation, told reporters.
FAB was given the go-ahead
by Saudi Arabia’s regulator to conduct arranging and advising activities in the securities sector.