UAE-based First Gulf Bank (FGB) on Thursday said it sold a debut 10 billion yen ($98.2 million) bond as part of its strategy to diversify funding sources and expand into new markets.
The five-year bond carried an annual coupon of
First Gulf Bank (FGB), the second-largest lender by market value in the UAE, posted a 27 percent jump in first-quarter net profit on Wednesday, becoming the latest UAE bank to post strong quarterly profit growth.
Abu Dhabi's First Gulf Bank, the third-largest bank by assets in the UAE, will raise 3.5 billion ringgit ($1.07 billion) with Islamic bonds in Malaysia, according to a statement on Thursday by credit rating agency RAM Ratings.
First Gulf Bank, the second-largest lender in the UAE, expects profit and revenue growth in the low double digits in 2014, chief executive Andre Sayegh said on Wednesday.
"We see a lot of growth - low double-digit growth is s
First Gulf Bank (FGB) will expand into three or four new foreign markets including China and South Korea in 2014, seeking to push the percentage of its profit contributed by international operations into double digits, said its chief executive.
First Gulf Bank (FGB), the second-largest lender by market value in the UAE, has posted a 13 per cent rise in third-quarter net profit on higher operating income.
The lender made a net profit of Dh1.19 billion ($324 million) for t
First Gulf Bank, the second-largest lender by market value in the UAE, said on Saturday it had acquired full ownership of an Islamic finance company as it expands its sharia-complaint operations globally.
FGB raised its ownership
Baring Asset Management, the international investment firm, is strengthening its presence in the Middle East through a tie-up with one of the UAE's leading financial institutions First Gulf Bank.
With this deal, two of US grou
First Gulf Bank (FGB), the United Arab Emirates' third largest bank, is cutting about 300 jobs, equivalent to nearly 10 per cent of its workforce, as part of a restructuring, sources familiar with the matter said.