Abu Dhabi
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has announced raising the percentage of foreign ownership to 40%, from 25%, of its issued capital effective from first week of this month.
The announcement came after obtaining the necessary regulatory approvals from the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, as well as the bank’s shareholders during the Annual General Meeting (AGM) held last March, said a statement.
Jawaan Awaidha Suhail Awaidha Al Khaili, Chairman of the ADIB, stated: “This move came in response to the heightened interest from international investors in ADIB’s shares, as well as in line with our efforts and commitment to diversifying the bank’s investor base. This milestone will help strengthen the UAE and Abu Dhabi’s positions as one of the most attractive markets for foreign direct investment, through contributing to increasing cash inflows, which will benefit both shareholders and the wider stock market. This will also boost the attractiveness of ADIB’s shares, given the added value that the stock provides to investors.”
He added: “This decision will further enable the implementation of our strategy and investment in areas that will enhance our customers’ banking experience through investing in our leading digital banking capabilities and services. We have adopted a five-year strategic plan that aims to solidify ADIB’s leading position, improve the efficiency of its services, and develop its organisational system, allowing the bank to maintain business momentum, strengthen its performance and generate long-term sustainable value for its shareholders. ”
ADIB’s issued and subscribed capital stands at AED3.632 billion with an authorised capital of AED 4 billion.
—TradeArabia News Service/Reuters
