Abu Dhabi's FAB Surges As It Seeks To Raise Foreign Ownership
The UAE's biggest lender aims to raise the cap to 40% from 25%
First Abu Dhabi Bank's shares climbed as much as 5.8 percent to 15.6 dirhams at the open in Abu Dhabi, the biggest increase since April 2017.
First Abu Dhabi Bank jumped on optimism the lender will follow peers and raise the foreign-ownership limit in its stock.
The shares climbed as much as 5.8 percent to 15.6 dirhams at the open in Abu Dhabi, the biggest increase since April 2017.
The ADX General Index added 2.5 percent. The UAE's biggest lender aims to raise the cap to 40 percent from 25 percent, it said last week.
Shareholders still need to approve the change in a meeting on February 25. Investors from abroad held about 12 percent of FAB shares as of the end of last month, according to information on the stock exchange’s website.
Dubai-based Emirates NBD previously announced plans to quadruple the limit for foreigner to 40 percent.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
UAE GPSSA Waives Pension Penalties For 1,906 Small Private Employers
The GPSSA designed the initiative to support small private sector businesses, which contribute to job creation and econ... Read more
UAE Banks Struggle With Employee Digital Readiness Despite Leading GCC Innovation: Report
The findings show that 72 per cent of UAE employees operate in mobile-first environments, reflecting the country's digi... Read more
UAE Real Estate Giant Binghatti Holding Launches $1bn Asset Management Arm In Dubai
Binghatti Capital will implement separate mandates within its real estate strategy Read more
UAE Targets Islamic Finance And Halal Industry Growth As Bank Deposits Hit $162bn And $86bn Export Target Set
The UAE has launched a bold national strategy to boost Islamic finance and halal industry growth Read more
IHC Launches AI-native Reinsurance Platform RIQ From Abu Dhabi With $1bn Backing
IHC launches RIQ, a next-gen AI-driven reinsurance platform based in Abu Dhabi’s ADGM, backed by $1bn and supported b... Read more
Qatar Tax Authority Extends Fine Waiver Until August 31
Qatar’s General Tax Authority extends its 100 per cent Financial Penalty Exemption Initiative Read more