FAB shareholders approve cash dividends of AED 8.08 billion for the full year 2020

To mitigate the effects of COVID-19, FAB's GAM was held in a hybrid format with both physical and virtual attendance options available to shareholders

  
Annual General Meeting photo

Annual General Meeting photo

Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has approved the distribution of 74% cash dividends (AED 0.74 per share, implying total cash dividends of AED 8.08 billion) for the financial year ended 31 December 2020, after concluding its General Assembly Meeting (GAM) today. Owners of FAB shares registered on Wednesday 10 March, 2021 (i.e. buyers on 08 March, 2021) are entitled to cash dividends.

All items on the agenda for the GAM were discussed and approved, including the appointment of André Sayegh as a new board member. Shareholders also approved FAB’s financial statements for the year ended 31 December 2020.

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said:“FAB’s position as the UAE’s safest and strongest bank enabled us to power economic growth, provide significant support to communities, and maximise returns to shareholders. I am proud of what we achieved against the challenging backdrop of 2020, as we made significant progress on our strategic agenda and delivered on our promise to create value for all stakeholders. We are pleased to announce the distribution of 74% cash dividends, totalling AED 8.08 Billion for the year 2020.”

Hana Al Rostamani, Group Chief Executive Officer at FAB, said: “FAB showed strength, resilience and transformation in 2020. In difficult times, we were there for our customers, employees, and communities, and quickly adapted to new market dynamics. We also strengthened our position as the leading and most profitable bank in the UAE, delivering a full year 2020 Net Profit of AED 10.6 Billion. We will continue to build on that momentum and our expertise to accelerate our digital transformation and meet our customers’ evolving needs through agility and innovation.”

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan said: “The appointment of Hana Al Rostamani as FAB Group CEO is a historic milestone both for FAB and for the industry, and symbolises the UAE leadership’s vision and commitment to embracing our nation’s great potential. As we enter a new dynamic era, I look forward to working with Hana to deliver the opportunities in front us, and powering lasting prosperity for future generations.”

Hana Al Rostamani said: “FAB enters the next phase of our journey from a position of strength, confident in our ability to deliver superior returns and create value for all stakeholders. I thank our shareholders for their unwavering trust and confidence in FAB.

To mitigate the effects of COVID-19, FAB’s GAM was held in a hybrid format with both physical and virtual attendance options available to shareholders.

-Ends- 

About First Abu Dhabi Bank (FAB)

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.

FAB continuously anticipates evolving requirements, develops innovative solutions and moves in tandem with customers to offer an extensive range of tailor-made products via its market-leading Corporate and Investment Banking (CIB) and Personal Banking Group (PBG) franchises.

Aligned to the Abu Dhabi Economic Vision, inspired by global standards and guided by the expectations of stakeholders, FAB takes a leading role in fostering development and driving change towards a more sustainable future. FAB sees beyond traditional banking and embraces a challenger mindset. Its ambition is to contribute to social and human development, which creates a dynamic, inclusive and tolerant society.

With total assets of AED 919 Billion (USD 250 Billion) as of December-end 2020, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2020 list, measured by Tier 1 capital, ranked FAB as number one in the UAE, second in the Middle East and #85 across the globe - in addition to ranking the bank #109 by assets in the same list. FAB is also a regional sustainability leader, and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

For further information, visit: www.bankfab.com , or https://www.growstronger.com/  Grow Stronger or https://www.bankfab.com/en-ae/updates  for COVID-19 related updates.

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Talal Natafji
Weber Shandwick MENA
Fax: + 971 2 449 4833
Email:  TNatafji@webershandwick.com 

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