First Gulf Bank increases foreign ownership limit to 25%

Abu Dhabi, June 22, 2011 (WAM) - The Board of Directors of First Gulf Bank, the leading financial partner of choice in the UAE, yesterday held a meeting at FGB headquarters and discussed the foreign ownership limit of the bank. The Board of Directors approved an increase in the foreign ownership limit from 15% to 25%.
Abdulhamid Saeed, Managing Director, First Gulf Bank, commenting on the announcement said: "FGB proactively looks to create optimised sustainable returns to its shareholders through maintaining strong business fundamentals. The Bank is currently looking to diversify its investor base."
He added, "The decision to increase the limit of foreign ownership is a natural progression in light of our year on year growth. It is also based on the development and maturity of the UAE banking sector and the increased opportunities that the UAE market offers to foreign investors."
On March 31, 2011, the bank's earnings per share were at Dh0.56, total shareholders' equity stood at around Dh24 billion and capital adequacy ratio was at 22.6%, which is one of the highest within the UAE banking sector and the Tier 1 capital ratio stands at 19.4%.This has kept the bank in a very solid position against the future requirements of Basel III. - Emirates News Agency, WAM