First Abu Dhabi Bank, the UAE’s largest bank, has approved the distribution of cash dividends of more than AED8 billion ($2.1 billion) for the financial year ending December 31.
Its general assembly meeting in Abu Dhabi approved the distribution of 74 percent cash dividends, implying total cash dividends of AED8.08 billion.
The meeting also saw the election of new board members, increasing the size of FAB’s board from nine to 11 members.
Jassim Mohammed Buatabh Al Zaabi and Dr Sultan bin Ahmad Sultan Al Jaber, Waleed Al Mokarrab Al Muhairi and Abdulhamid Saeed were named as the new members joining the board for a three-year term.
Leaving the board after completing their terms are Khaldoon Khalifa Al Mubarak and Nasser Ahmed Khalifa Ahmed Alsowaidi, a FAB statement noted.
Chairman Sheikh Tahnoun bin Zayed said: “In less than three years, FAB has emerged as a key driver of Abu Dhabi’s economic vision and an important growth engine in the markets where we operate.”
FAB has grown into the UAE’s largest bank with total assets of AED822 billion ($224 billion).
André Sayegh, current deputy group CEO and group head of Corporate & Investment Banking at FAB, has been nominated as the new group chief executive, subject to final UAE Central Bank approval.
He will succeed Abdulhamid Saeed, who has been elected to the board where he will continue to play a central role in overseeing the bank’s growth strategy.