First Abu Dhabi Bank (FAB), concluded its General Assembly Meeting on Monday at FAB’s headquarters in Abu Dhabi. According to a statement released by FAB, all items on the agenda were discussed and approved including the distribution of 74 per cent cash dividends - Dhs0.74 per share, implying total cash dividends of Dhs8.08 billion - for the financial year that ended 31st December 2019.

Owners of FAB shares registered on  5th March 2020 (i.e. buyers on Tuesday, 3rd March 2020) are entitled to cash dividends.

The meeting also saw the election of new board members, increasing the size of FAB’s board from nine to 11 members.

Jassim Mohammed Buatabh Al Zaabi and Dr Sultan Bin Ahmad Sultan Al Jaber, Minister of State, Waleed Al Mokarrab Al Muhairi and Abdulhamid Saeed are the newly elected board members joining the current board for a three-year term.

The board includes: Sheikh Tahnoun Bin Zayed Al Nahyan, National Security Adviser, Sheikh Mohamad Bin Saif Bin Mohamad Al Nahyan; Sheikh Ahmed Mohd Sultan Al Dhahiri; Jassim Mohammed AlSeddiqi; Khalifa Sultan Al Suwaidi; Mohamed Thani Murshid Al Rumaithi and Mohammed Saif Al Suwaidi.

Leaving the board after completing their term are Khaldoon Khalifa Al Mubarak and Nasser Ahmed Khalifa Ahmed Alsowaidi, the FAB statement noted.

Sheikh Tahnoun Bin Zayed said, “The creation in 2017 of First Abu Dhabi Bank, FAB, was a quantum leap for the banking sector in the region. With its AA- rating, FAB is considered an exceptionally strong bank on a global level. It enjoys a diversified, high calibre of staff expertise enabling FAB to contribute to economic growth both in the UAE and regionally.

“I would like to thank our board members for their guidance and counsel over the last three years and would also like to extend my sincere gratitude to Khaldoon Khalifa Al Mubarak and Nasser Ahmed Khalifa Ahmed Alsowaidi for the strong leadership and invaluable contribution they have each made to FAB and to the region.”

His Highness also welcomed the four new board members, adding that he looks forward to “drawing upon their insights and perspectives as FAB continues its growth journey, taking a leading role in championing development and driving change towards a more sustainable future for generations to follow.”

“In less than three years, FAB has emerged as a key driver of Abu Dhabi’s economic vision and an important growth engine in the markets where we operate,” Sheikh Tahnoun continued, adding “Abdulhamid Saeed was the driving force behind this achievement, and under his leadership, FAB has grown into the UAE’s largest bank with total assets of Dhs822 billion ($224 billion) as of December-end 2019. Having created and led one of the region’s largest banking institutions since its inception, Abdulhamid Saeed will now take a seat on the board of directors. I look forward to working with the bank’s leadership as we begin a new chapter in FAB’s growth story.”

André Sayegh, current Deputy Group CEO and Group Head of Corporate & Investment Banking at FAB, has been nominated as the new Group Chief Executive, subject to final UAE Central Bank approval. He will succeed Abdulhamid Saeed, who has been elected to the board where he will continue to play a central role in overseeing the bank’s growth strategy.

Abdulhamid Saeed said, “It has been a privilege to see FAB grow into a regional banking leader and I thank Sheikh Tahnoun Bin Zayed Al Nahyan for this opportunity and his guidance over many years. I would also like to thank the board and everyone I have worked with during this incredible journey.

“André will bring an unparalleled depth of experience to the role of FAB Group CEO, knowing that he had earlier been legacy FGB’s Group CEO for 10 years. My role on the board will allow me to contribute to the FAB growth story in a new way, both in the UAE and internationally. Underpinned by exceptional financial strength and unmatched ambition, we at FAB are only at the beginning of a new journey that is defined by the strength of our operations, the quality of our people and the clarity of our vision.”

First Abu Dhabi Bank recently reported its full year financial results for 2019, announcing a net profit of Dhs12.5 billion, up 4 per cent from Dhs12.0 billion in 2018.

Commenting on the results, Sheikh Tahnoun bin Zayed Al Nahyan, Chairman of FAB, said, “2019 marked another year of growth for FAB, despite challenging market conditions regionally and internationally. The Group’s solid financial results for the full year of 2019 are testament to the strength of our leading corporate and retail businesses, and demonstrate clear progress in our strategy as we continue to better serve our clients in the UAE and across our global network. In line with our commitment to maximise shareholder returns, FAB’s Board of Directors has recommended to distribute a cash dividend of 74 fils per share for the full year ended 31st December 2019. We are starting off 2020 with a robust capital position, enabling us to support our future growth plans in the UAE and across strategic markets”

WAM