FAB approves Dh8.08b cash dividend

Shareholders of First Abu Dhabi Bank (FAB), UAE's largest bank, approved distribution of 74 per cent cash dividend totalling Dh8.08 billion for 2019 and elected new board members at their general assembly meeting held on Monday.
The size of the board has been increased from nine to 11 members, following the election of the new board for a period of three years, the bank said.
New board members include Jassim Mohammed Buatabh Al Zaabi, Dr. Sultan Ahmed Al Jaber, and Waleed Al Mokarrab Al Muhairi. Having completed their current term, Khaldoon Khalifa Al Mubarak and Nasser Ahmed Khalifa Ahmed Alsowaidi will be leaving the board.
Sheikh Tahnoon bin Zayed Al Nahyan said the creation in 2017 of FAB was a quantum leap for the banking sector in the region.
"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. 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 Dh822 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," Sheikh Tahnoon.
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 André would 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," said Saeed.
- issacjohn@khaleejtimes.com