At the ordinary Annual General Meeting (AGM) of the National Bank of Abu Dhabi (NBAD), held on March 11, 2009 in Abu Dhabi, shareholders approved the distribution of 30% cash dividend and 10% stock dividend to shareholders listed on the share register held with Abu Dhabi Securities Exchange (ADX) as at 22 March 2009.
The meeting, chaired by the Chairman H.E. Nasser Ahmed Khalifa Alsowaidi, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year 2008.
NBAD’s ordinary Annual General Meeting re-elected directors to represent the minority interests:
1. Sheikh Ahmed Bin Mohammed Sultan Al Dhaheri
2. Sultan Bin Rashed Al Dhaheri
3. Sheikh Mohammed Seif Bin Mohammed Al Nahyan
The Abu Dhabi Investment Council appointed the following directors to represent their interests:
1. H E Nasser Ahmed Khalifa Alsowaidi
2. H E Dr Jauan Salem Al Dhaheri
3. H E Mohammed Omar Abdulla
4. Mr Khalifa Sultan Al Suweidi
5. Mr Hashim Fawaz Al Kudsi
6. Mr David Beau
In addition, during the year and in compliance with best corporate governance, two new independent directors will be appointed.
The Extraordinary General Meeting, convened after the AGM, approved the issuance of Tier-I capital notes for a total amount of AED 4 billion, in favour of the Government of Abu Dhabi.
The meeting also voted in favour of converting the liquidity support loans, totalling AED 5.6 billion, received from the Ministry of Finance into Tier-II capital.
Commenting on these capital injections, Chief Executive of NBAD Michael Tomalin said, “This will increase NBAD’s Tier-I capital resources by AED 4 billion and will take our Tier-I ratio, based on NBAD’s 31 December 2008 risk assets, to 16%. NBAD’s combined capital will be over AED 27.8 billion taking the capital ratio to 23.5%, based on 31 December 2008 risk assets on Basel II principles. This will give NBAD one of the strongest capital ratios amongst global banks.”
View News Headlines