Abu Dhabi - The board of Abu Dhabi Islamic Bank (ADIB) has submitted a recommendation to the shareholders’ general assembly to increase the maximum limit of non-UAE national's ownership of ADIB's shares to 40%.
Therefore, the clause No. (7) of ADIB’s articles of association shall be amended after receiving necessary approvals from competent authorities, according to a press release on Sunday.
It is worth noting that over the third quarter (Q3) of 2019, ADIB saw a 5.2% year-on-year rise in net profits to AED 620 million from AED 589.5 million in Q3-18.
ADIB is dually-listed on the Abu Dhabi Securities Exchange (ADX) and the Egyptian Exchange (EGX).
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