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FGB limits foreign ownership to 15%
- United Arab Emirates: Wednesday, December 31 - 2008 at 08:28
Abu Dhabi-based First Gulf Bank has reduced the foreign ownership of the bank's total capital to 15%, down from 30%, to curb speculative activity by short-term foreign investors, reported Gulf News. The FGB's board of directors approved the foreign ownership limit at a meeting yesterday. The bank blames 'short-term' foreign money for the decline in its share price. The move was designed to curb speculative activity by short-term foreign investors, the bank said.
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Jeff Florian, Senior ReporterWednesday, December 31 - 2008 at 08:28 UAE local time (GMT+4)
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