First Abu Dhabi Bank increases foreign ownership limit to 40%

Dubai: First Abu Dhabi Bank said on Thursday that it has received an approval from the central bank and the markets regulator to raise its foreign ownership limit (FOL).

The limit will be raised to 40 per cent from the earlier 25 per cent, the bank said in a statement.

FAB shareholders had approved the increase in FOL at the general assembly meeting in February.

Ahead of the announcement, FAB shares closed lower at Dh14.84 in a weak Abu Dhabi market.