Abu Dhabi, February 25, 2015

FGB, one of the leading banks in the UAE and the largest by market capitalisation, hosted a successful Annual General Meeting (AGM) today at the Ritz Carlton Hotel in Abu Dhabi.

During the event, distribution of 100% cash dividends and of 15.38% bonus shares for the financial year ended 31 December 2014 were approved. Owners of FGB shares registered on Sunday 08/03/2015 (shareholders on 04/03/2015) are entitled to cash dividends and bonus shares. FGB's financial statements for the year ended December 31, 2014 were also approved during the AGM.

The event also included the re-election of FGB's Board Members for financial years 2015-2017 consisting of: 

·         H.H. Sheikh Tahnoon Bin Zayed Al Nahyan

·         Ahmed Ali Al Sayegh

·          Abdulhamid Mohammed Saeed

·         Khaldoon Khalifa Al Mubarak

·         Sultan Khalfan Al Ktebi

·         Mohammed Saif Al Suwaidi

Abdulhamid Saeed, Managing Director and Board Member at FGB, said: "Following the Bank's solid performance in 2014, we are very pleased to announce the distribution of 100% cash dividends and 15.38% bonus shares. Total cash dividend distribution this year is totalling AED 3.9 Billion representing 69% of our full year net profits against 63% in 2013 (AED 3.0 Billion cash dividends). Despite higher dividends compared to last year, FGB is continuing to maintain a robust capital position with total Capital Adequacy Ratio at 17.5% and a Tier 1 Capital at 16.2% after dividend distribution."

He added: "During the same year that marked our 35th year of operation, FGB became the number 1 UAE bank by net profit for the second year in a row. Our strong financial performance in 2014 reflects the success of our strategy while at the same time reaffirming our shareholders' confidence in our ability to drive sustainable value creation. As ever, we remain committed to maximising value for all our stakeholders now and in the future."

André Sayegh, Chief Executive Officer of FGB, said: "2014 was another successful year for FGB, marking 15 years of uninterrupted net profit growth for the bank. Our financial results for 2014 are testament to the success of our restructuring efforts and focus on enhancing capabilities and synergies across our core businesses. Looking ahead, we will continue to strengthen our position as one of the UAE's leading banks whilst putting customers first and ensuring that FGB is a "First Choice" banking institution, both locally and abroad."

All topics on the AGM agenda were discussed and approved during the event, including:

  • The report of the external auditors for the financial year ending 31/12/2014.

  • The bank balance sheet and profit and loss statement for the financial year ending 31/12/2014.

  • Discharge of the Board Members for their actions during 2014.

  • Discharge of the external auditors for their actions during 2014.

  • Appointment of auditors for the financial year 2015 and determining their fees.

-Ends-

About FGB
As a major leading Bank in the UAE, FGB had Shareholder Equity of AED 34.1 billion as of December 31st, 2014 making it one of the largest equity based Banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, UAE, the Bank offers a full range of financial services to business and consumer sectors throughout an extensive network of branches across the UAE. Internationally, FGB has branches in Singapore and Qatar, representative offices in India, Hong Kong, Seoul and London and a subsidiary in Libya.

Today, FGB is recognised as a world-class organisation committed to maximising value for shareholders, customers and employees as it focuses on delivering banking products and services that meet client needs and support the UAE's dynamic economy. In line with its commitment to excellence the Bank continues to invest significantly in people and technology to provide superior service standards. FGB was named the 'Best Bank in the United Arab Emirates' and 'Best Wealth Management Firm' at the Banker Middle East Industry Awards 2014. It was also ranked as the 8th most powerful company in the Arab World in Forbes' 'Top 500 companies in the Arab World' list. FGB was also recently recognised as an "Employer of Choice" at the GCC Best Employer Brand Awards 2014 and has been honored in the SME Banking Sector category of the inaugural Enterprise Agility Awards.

For media inquiries, please contact:

Ghaleb Zeidan    
Weber Shandwick MENA 
Phone: + 971 50 778 2286
Fax: + 971 2 449 4833 
Email: GZeidan@webershandwick.com 
                                                      
Jennifer Cain
Weber Shandwick MENA
Phone: + 971 55 4741105
Fax: + 971 2 449 4833
Email: JCain@webershandwick.com

Hiba Haddad
Weber Shandwick MENA
Phone: + 971 56 1679577
Fax: + 971 2 449 4833
Email: hhaddad@webershandwick.com

© Press Release 2015