Gargash Group, a leading business conglomerate, has announced the acquisition of Deem Finance, a leading consumer finance business in the UAE.
The acquisition will deepen and expand Gargash Group’s financial services offerings within the market and will further accelerate the Group’s ability to meet its strategic growth plans.
Gargash Group has a strong presence in the non-banking financial services sector for 23 years through Daman Investments. Daman Investments is one of the leading regional players in the non-banking financial services sector and offers services including asset management, securities brokerage as well as wealth management.
Daman Investments also has a legacy of providing best-in-class investment management and advisory services to both local and regional clients. Through its core advisory services, Daman helps companies raise capital to strengthen and grow their businesses; provides advice on mergers, acquisitions and disposals; and underwrites equity & debt capital market transactions.
Deem Finance is a leading financial services institution in the UAE, offering credit cards, personal loans and wholesale deposit products to UAE corporate clients. Licensed by the UAE Central Bank, Deem Finance has attracted a broad customer base in the UAE market through its range of innovative cash up and loyalty driven cards.
Shehab M Gargash, Managing Director & Group CEO of Gargash Group, said: “We are excited to be part of Deem’s growth journey. This is a transformational transaction that will allow us to reimagine financial services in a way that the success of our brands is aligned with the financial success of our customers.”
Ahmed Khizer Khan, the CEO of Daman Investments, said, “Deem Finance has built a strong product portfolio and has the technological foundation required to launch innovative financial products and services catering to the evolving needs of both individual & corporate customers.”
Terms of the acquisition of Deem Finance were not disclosed in the announcement made by Gargash Group. – TradeArabia News Service