First Gulf Bank ups foreign ownership limit
Abu Dhabi, June 22, 2011
First Gulf Bank, the UAE's second largest lender by market value, said it is raising its foreign share ownership limit to 25 percent from 15 percent, as it seeks to attract more investors.
The bank's board approved a proposal to raise the limit from the current 15 percent, it said in a statement.
Abdulhamid Saeed, managing director of the bank, said in the statement that the decision was linked to the "increased opportunities that the UAE market offers to foreign investors".
In 2008, the bank halved its foreign share ownership limit to 15 percent to curb speculation that led to a sharp decline in its stock price, the bank said at the time. - Reuters
More Finance & Capital Market Stories
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school
- Dubai non-oil trade surges 10pc to $272bn
- Iran president targets stagflation in first budget
- DFM accredits 2 firms for margin trading
- Kuwait inflation plunges to nine-year low
- DFM trading hit by technical fault
- GCC firms seek Egypt investment guarantee
- Qatar c.bank plans $1.1bn in bonds, sukuk