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Rise in First Abu Dhabi Bank free stocks

posted on 04/04/2017: 1500 views

Up to 7.4 billion free stocks at the First Abu Dhabi Bank, the new banking entity created after the merger of the National Bank of Abu Dhabi, NBAD, and the First Gulf Bank, FGB, started trading at Abu Dhabi Securities Exchange, ADX, yesterday, 2nd April, accounting for 64.61 percent of new bank's total 10.9 billion shares.

According to ADX statistics, foreign stake ownership at the new bank reached 11.2 percent of the total shares, accounting for 1.218 billion stocks. The market share value amounts to AED12.7 billion, according to the last traded price on 3rd April.

As per the new bank's regulations, a maximum of 25 percent is allowed for foreign stake ownership, which is expected to increase over the coming days after a number of foreign institutions have decided to increase their investments in the new entity, reckoned the largest in the region.

FTSE International, traded at ADX, has announced that it will invest AED410 million in the new bank, according to statements made by Rashid Al Baloushi, CEO of ADX.

The newly merged bank announced yesterday that until further notice the clients of the two banks would retain the same existing accounts, with operating mechanisms remaining the same without interruptions.


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