(WAM) -- First Abu Dhabi Bank (FAB) has approved the distribution of 74 percent cash dividends (AED 0.74 per share, implying total cash dividends of AED8.08 billion) for the financial year ended 31 December 2020, after concluding its General Assembly Meeting (GAM) today. Owners of FAB shares registered on Wednesday 10 March, 2021 (i.e. buyers on 08 March, 2021) are entitled to cash dividends.

All items on the agenda for the GAM were discussed and approved, including the appointment of André Sayegh as a new board member. Shareholders also approved FAB’s financial statements for the year ended 31 December 2020.

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: 'FAB’s position as the UAE’s safest and strongest bank enabled us to power economic growth, provide significant support to communities, and maximise returns to shareholders. I am proud of what we achieved against the challenging backdrop of 2020, as we made significant progress on our strategic agenda and delivered on our promise to create value for all stakeholders. We are pleased to announce the distribution of 74 percent cash dividends, totalling AED 8.08 billion for the year 2020.'

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan said: 'The appointment of Hana Al Rostamani as FAB Group CEO is a historic milestone both for FAB and for the industry, and symbolises the UAE leadership’s vision and commitment to embracing our nation’s great potential. As we enter a new dynamic era, I look forward to working with Hana to deliver the opportunities in front us, and powering lasting prosperity for future generations.'

Hana Al Rostamani, Group Chief Executive Officer at FAB, said: 'FAB showed strength, resilience and transformation in 2020. In difficult times, we were there for our customers, employees, and communities, and quickly adapted to new market dynamics. We also strengthened our position as the leading and most profitable bank in the UAE, delivering a full year 2020 net profit of AED 10.6 billion. We will continue to build on that momentum and our expertise to accelerate our digital transformation and meet our customers’ evolving needs through agility and innovation.'

She added: 'FAB enters the next phase of our journey from a position of strength, confident in our ability to deliver superior returns and create value for all stakeholders. I thank our shareholders for their unwavering trust and confidence in FAB.'

To mitigate the effects of COVID-19, FAB’s GAM was held in a hybrid format with both physical and virtual attendance options available to shareholders.

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