FGB acquires share capital of Dubai First
Dubai, July 4, 2013
UAE-based First Gulf Bank (FGB) acquired the entire share capital of Dh601 million ($164 million) of Dubai First, under the legal guidance of Norton Rose Fulbright Abu Dhabi.
Dubai First is a leading consumer finance company specialising in liability and credit card products and this first major acquisition will enhance FGB’s retail capabilities and client base, said a statement.
The sale was structured as an auction process with 22 initial contesting bidders. The final four bidders included major UAE and international banks, it said.
EFG-Hermes acted as the sole financial advisers and Freshfields Bruckhaus Deringer as legal adviser to Dubai Financial Group (DFG), the seller and parent company of Dubai First, it added. – TradeArabia News Service
More Finance & Capital Market Stories
- AAIB unit starts crisis assistance travel service
- Abu Dhabi may need to lower industry growth target
- Kuwait credit hits 5-year high; tops $1.3bn
- UAE stocks rally, Abu Dhabi tops 4,000 mark
- Abraaj completes 15 exits in 2013
- Barwa gets top HSE certifications
- Egypt's forex reserves dip to $17.8bn in Nov
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school