UAB freezes dividend for 2015

Dubai: United Arab Bank has decided to freeze dividends for 2015 to ensure that bank continues to benefit from a strong capital base.

Capital adequacy ratio stood at 14.7 per cent as at December 31, 2015.

The meeting was chaired by Shaikh Faisal Bin Sultan Bin Salem Al Qassimi, chairman of the bank along with the board of directors,

The bank “confirmed the commitment of the management team and the board to building on the actions taken in [the fourth quarter of] 2015 as we continue our transition to a simpler, lower risk Bank,” said Samer Tamimi, acting chief executive in a statement.