Gulf Finance House (GFH) is implementing major changes to its business strategy as it turns from being an investment bank to a financial group.

"To reflect this strategy, we changed the brand, the logo and the colours to be in line with the new plan, and to reflect our ambitions," GFH chairman Dr Ahmed Al Mutawa said in a report in the Gulf Daily News (GDN), our sister publication.

He said at the launch of the bank's new identity that these changes are much deeper than just a simple change of the logo, as they also reflect the new owners, shareholders base and the new management team, noting that the new name for the group will be (gfh).

Dr Al Mutawa said that the group carried out a deep and diligent change plan, which is reflected in the new brand that will be in line with the coming era.

He said that the new group will include commercial banks, financial institutions, asset management, wealth management, real estate development corporations as well as industrial companies.

Dr Al Mutawa said the bank will be characterised by the provision of valuable investment services that create a strong relationship with the bank's clients and create outstanding values for its shareholders. He also noted that the new management of the bank has completed its preparations to commence a new chapter in the success story of GFH.

Chief executive Hisham Al Rayes said that this event is to mark a new era in the history of GFH's new business model.

Accordingly, it was necessary to have a new identity through which we confirm to the owners and shareholders that the bank is different and that we are serious about achieving their aspirations.

"The bank follows a new strategy and today we are not only launching a new identity, but also launching this new strategy and a promising future for the shareholders and investors.

"The new identity is not just a new brand or colours, but it goes much beyond that, as we are trying to create a new personality and a new culture to the bank, ensuring high quality, credibility in dealing and intelligence in investment."

Al Rayes said we have been working on turning the bank from an investment institution to a financial group, as we intend to acquire significant financial institutions in the region during the next phase to achieve the new strategy of the bank, which aims at creating a full range of financial, commercial and investment banking services in the region in preparation for spreading globally.

"The new strategy will ensure the continuity of the bank and its success in all circumstances and worst developments so as not to be vulnerable to financial crises at any time. Additionally, through this new strategy the group will be able to offer the clients a more broader and comprehensive services that are not limited to investments and asset management only.

The chief executive stressed that the implementation of the new investment strategy will not be easy and requires a lot of work and patience, stressing that we created the basic pillars of it and the road ahead became clear.

Based on the new strategy, the bank will enter into short and long term investment projects and will not exit from such investments unless upon creating high returns to its clients. - TradeArabia News Service