Shares of National Bank of Abu Dhabi and FGB rose on Wednesday after the final annual general assembly meetings of both lenders ahead of their merger next month.
FGB, which was the biggest index mover, rallied after its dividend distribution plan was given the green light.
During its meeting, NBAD doubled its medium-term euro note programme to €15 billion, giving the lender further scope for borrowing money if necessary.
FGB shares rose by 1.8 per cent to Dh13.9. The bank’s board had proposed a cash dividend of Dh1 per share for 2016, the same for last year. Yesterday’s closing price implies a dividend yield of 7.2 per cent.
Shares of NBAD advanced by 1.4 per cent to Dh10.65. NBAD’s move to double the size of its medium-term note comes at a time when many UAE banks are going to the debt market more often, as liquidity in the banking system has not been as abundant as it was in the years when oil prices were high.
NBAD and FGB will officially merge on April 1 and shares of the new entity will begin trading in Abu Dhabi the next day. The merger, which was approved by both banks’ shareholders on December 7, was done in part to cut down on costs by removing duplicate posts and sharing resources.
mkassem@thenational.ae
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
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Business Insights
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
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- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
THE%20SWIMMERS
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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Greatest of All Time
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The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
COMPANY PROFILE
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
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