First #AbuDhabi Bank's shareholders approve plan to lift foreign ownership limit | ZAWYA MENA Edition

First Abu Dhabi Bank's shareholders approve plan to lift foreign ownership limit | ZAWYA MENA Edition:

First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, said in a statement to the Abu Dhabi Securities Exchange on Tuesday that its shareholders have approved a raise to the bank’s foreign ownership limit.

FAB’s general assembly approved in its meeting an increase to the bank’s foreign ownership limit to 40 percent, up from 25 percent, subject to the Securities and Commodities Authority and other competent authorities’ approval.

“The move should increase FAB’s eight in MSCI and FTSE’s emerging market indices and trigger passive flows into the stock,” Shabbir Malik, banking analyst at EFG-Hermes told Zawya by email.