The board of directors of Abu Dhabi Islamic Bank will propose to its shareholders an increase of the ownership limit of its shares for non-UAE nationals.
The bank will propose to increase the limit to 40%, it said in a bourse filing on Monday (Nov 18).
The current limit for foreign ownership of ADIB shares is 25%, with maximum limit per shareholder at 5%.
ADIB is currently 39.4% owned by Emirates International Investment Company, and 7.62% of its shares are held by Abu Dhabi Investment Council, the investment arm of the government of Abu Dhabi.
ADIB posted a 5.2% rise in third-quarter profit compared to the same period a year earlier, earning 620 million dirhams ($168.82 million) in net profit for the three months ending September 30.
The bank’s assets dipped 0.7% to 124.3 billion dirhams ($33.85 billion) at September 30 from end-December 2018.
ADIB is the UAE’s second largest standalone Islamic bank by assets after Dubai Islamic Bank that reported 229.962 billion dirhams in assets at September 30.
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