UAE’s ADIB says no change in rules of foreign ownership

Abu Dhabi Islamic Bank (ADIB) said articles of association on foreign ownership will not be changed, according to ADIB’s statement to Abu Dhabi Securities Exchange (ADX).

The statement came in response to Bloomberg’s earlier reports saying that ADIB will discuss foreign ownership of the bank’s shares at 25 percent during the annual general meeting (AGM) on April 21.

This article of association, which was in place since 2006, states that 75 percent of bank shares should be owned by nationals, as foreign ownership should not exceed the remaining 25 percent, the statement added.