FGB shareholders approve 100% cash dividend for 2016 at Annual General Meeting

FGB, one of the leading banks in the UAE, successfully concluded its Annual General Meeting (AGM) today at the Ritz Carlton Hotel in Abu Dhabi.

During the meeting, the distribution of 100% cash dividends for registered, entitled shareholders for the financial year ended 31 December 2016 were approved. Owners of FGB shares registered on 12/03/2017 (i.e. buyers on 08/03/2017) are entitled to cash dividends. FGB’s financial statements for the year ended December 31, 2016 were also approved during the AGM.

Abdulhamid Saeed, Managing Director and Board Member at FGB, said: “2016 was our 17^th consecutive year of consistent growth in profitability, reflecting a remarkable legacy of achievements and success for the bank. Despite challenging operating conditions throughout the year, FGB delivered a resilient set of results in 2016. We are exceptionally proud of our strong history, since FGB was established in 1979, of maximising value for shareholders and delivering sustainable growth; a journey which will continue as we embark on our next chapter following the transformational merger of FGB and NBAD.”

André Sayegh, Chief Executive Officer of FGB, said: “2016 was another milestone year for FGB, resulting in a record net profit of AED 6.03 Billion against a challenging operating environment, which is an excellent achievement. Leveraging our flexible business model and robust strategy, we continued to adapt to evolving market trends and maintain solid fundamentals, turning challenges into opportunities. Today, we stand on the verge of a new and exciting future, which both celebrates the extraordinary success story of FGB, but also paves the way for the emergence of a larger, stronger bank with the financial strength and expertise to support the continued growth of the UAE economy and drive the country’s international business relationships.”

FGB continued to pave the way towards a successful merger during the final quarter of 2016, Upon the effective date of the merger, assets and liabilities of FGB will be automatically vested in NBAD in consideration for the issue of shares in the new combined entity to existing FGB shareholders. In addition, all FGB shares will be de-listed from the Abu Dhabi Securities Exchange.