First Abu Dhabi General Assembly approves the distribution of 8 billion cash – the economic – the UAE economy

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The General Assembly meeting of First Abu Dhabi Bank yesterday witnessed the approval of a cash dividend of 74% (equivalent to 74 fils per share, with a total cash dividend of AED 8.08 billion) for the fiscal year ending December 31, 2020. The registered owners of the bank’s shares are entitled to Wednesday, March 10 (meaning the buyers). March 8th) cash dividend.

All items on the agenda of the meeting were discussed and approved. This includes the appointment of André Sayegh as a new member of the Board of Directors. The meeting also witnessed the approval of shareholders on the bank’s financial performance reports for the year ending December 31, 2020.

His Highness Sheikh Tahnoun bin Zayed Al Nahyan, Chairman of the Board of Directors of First Abu Dhabi Bank, said: The pioneering position of First Abu Dhabi Bank as the strongest and safest in the UAE has allowed us to strengthen our supportive role in the national development process at the economic and social levels, in conjunction with achieving the best value for its shareholders. . We are proud of the achievements made by the bank despite the great challenges that 2020 witnessed. As we accomplished a lot in terms of our strategic agenda, and continued our commitment to our shareholders, we are pleased to announce the distribution of cash dividends for the fiscal year 2020 at 74% of the capital, totaling 8.08 billion dirhams.

Historic achievement

His Highness Sheikh Tahnoun bin Zayed Al Nahyan said: The appointment of Hana Al Rostamani as CEO of the First Abu Dhabi Bank Group represents a historic achievement in the bank’s journey, and the banking sector in general, and an embodiment of the visions of the wise leadership of the United Arab Emirates aimed at activating the role of national cadres in various sectors and at all levels. . With the start of this new phase, I look forward to cooperating together to make the best use of the available opportunities, and to continue working hard to contribute to building a prosperous future for future generations.

Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said: In 2020, the bank demonstrated flexibility in performance, achieved strength in results and an ability to adapt to changes, and in light of the emerging challenges, we were able to support our customers, employees and the communities in which we operate through our adaptation to the changing conditions of the market. Despite this, the bank was able to consolidate its leading position as the most profitable in the UAE banks, with a net profit of 10.6 billion dirhams for the year 2020, and we will continue to work to enhance the momentum of our business and expand our expertise to accelerate our digital transformation process, which enables us to meet the changing needs of our customers by adopting flexibility and innovation. Approach us.

Al Rostamani added: “First Abu Dhabi Bank is moving to the next stage of our journey, based on our strength and confidence in our ability to achieve the best returns. I thank our shareholders for their great confidence in First Abu Dhabi Bank and its potential.”

In order to adhere to the highest safety standards in light of the (Covid-19) pandemic, shareholders have the opportunity to attend the General Assembly meeting in person or virtually via the Internet.

Al-Sayegh … valuable contributions

His Highness Sheikh Tahnoun bin Zayed Al Nahyan, Chairman of First Abu Dhabi Bank, said that Andre Al Sayegh, Group Chief Executive Officer, will retire next month after spending 21 years at the bank, and his valuable contributions throughout his tenure with First Abu Dhabi Bank Group and the former First Gulf Bank had a great impact. In the successes achieved by the bank, which culminated in great results for the year 2020, despite the great difficulties and challenges that faced the local banking sector and the global economy in general. His Highness announced the nomination of Andre Al-Sayegh to occupy the position of a member of the group’s board of directors, provided that the approval of the Central Bank and the bank’s general assembly is obtained for this nomination.

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