FGB, one of the leading banks in the UAE, successfully concluded its Annual General Meeting (AGM) today at the St. Regis Corniche Hotel in Abu Dhabi, where the distribution of 100% cash dividends for registered, entitled shareholders for the financial year ended 31 December 2015 were approved. Owners of FGB shares registered on16/03/2016 are entitled to cash dividends. AGM attendees also nominated new board member Jassim Al Seddiqi, Managing Director and Chief Executive Officer of Abu Dhabi Financial Group.

During the meeting, attendees unanimously approved all agenda items, including the amendment to the bank's Articles of Association in accordance with the requirements of the Commercial Companies Law No. (2) for 2015. Furthermore, the Board of Directors was authorised to issue any type of bonds, Islamic Sukuk, non-convertible into shares or any financing programmes, and determining terms of issuing such bonds, Islamic Sukuk, or any financing programmes, and set its issue date, not to exceed one year from the date of approval.

Abdulhamid Saeed, Managing Director and Board Member at FGB, said: "In a year of challenging economic conditions locally and a difficult operating environment globally, FGB delivered a strong set of results in 2015 with solid growth in net profits for the 16th year in a row. This reflects our recommendation to distribute 100% cash dividends. Total cash dividends this year totalled AED 4.5 Billion representing 75% of full year net profits against 69% in 2014 (AED 3.9 Billion cash dividends). Our disciplined approach, strong fundamentals and flexible business model has allowed us to adapt to these volatile market conditions and we remain committed to providing our shareholders with maximum value and attractive levels of dividends and capital growth."

Andre Sayegh, Chief Executive Officer of FGB, said: "2015 was a highly successful year for the bank where our net profits exceeded AED 6.0 Billion, the highest to-date. Through the continued successful execution of our strategy, we have remained focused on enhancing our dynamic business model, maintaining a strong balance sheet and solid capital ratios and creating synergies across our core businesses, which is essential to deepening our relationships with our customers. As we are mindful of the coming year, turning challenges into opportunities is one of our key objectives and as a leading financial institution in the UAE, we believe we can sustain and grow our business to generate higher returns for our stakeholders and employees."
 

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