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