ABU DHABI 15 May 2017: Dh2 billion worth of transactions were conducted over NBAD ‘s share through 30 sessions since the merger of the First Gulf Bank and National Bank of Abu Dhabi that created the Middle East region’s largest banking entity under the name First Abu Dhabi Bank (FAB).
With 1.3 million shares owned by foreigners, the increased trading over the recent period rendered NBAD the Abu Dhabi Securities Exchange’s top performer, increasing by 9.8 per cent from Dh10.25 to Dh11.30 at the close of Sunday session, bringing its total market value to Dh122.6billion, an increase of Dh10.9billion over its value of Dh111.70billion 30 sessions ago, said Wam.
NBAD foreign stockholders grew by 11.23 per cent with a total of 1.3 billion shares worth Dh13 billion according to Sunday’s closing data.
Non-Arab foreigners accounted for 9.21 amounting to one billion shares out of the bank’s total capital of Dh10.89, with the rest of the shares distributed among Arab and Gulf shareholders.
Market brokers expect foreigner ownership of NBAD share to increase over the coming period by virtue of foreign institutions that are running significant investment funds and find in the newly created share a lucrative investment environment after the merger process.
NBAD share’s annual returns will be the best over the current year amidst expectations for high growth prospects following the reduction in operating costs as a result of the integration process, according to market analysts.
By Eudore R Chand