First Abu Dhabi Bank to raise foreign shareholder limit | Reuters

First Abu Dhabi Bank to raise foreign shareholder limit | Reuters:

First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, beat analysts’ forecasts with a 4 percent rise in fourth-quarter profit on Thursday and said it planned to raise its foreign ownership limit.

FAB said it proposed to its board increasing its foreign ownership limit to 40 percent from 25 percent, the latest Abu Dhabi bank hoping to attract foreign investors after Abu Dhabi Islamic Bank lifted its foreign ownership limit to 25 percent in November.

After a mixed year for UAE stock markets in 2018, analysts say moves by companies to raise foreign ownership limits could help boost investor appetite in 2019.