Abu Dhabi: First Gulf Bank (FGB) has announced that it has signed an agreement to acquire Dubai First, the consumer financial services business, from Dubai Financial Group LLC for Dh601 million in cash.
Dubai First, established in 2007, is a leading customer finance company specializing in liability and credit card products. Dubai First has a UAE credit card market share of 4.5 per cent and operates out of its Dubai headquarters and branches and sales offices in Abu Dhabi and Sharjah. The company has 464 employees.
This acquisition complements FGB’s strategy of offering more value to an expanding UAE customer base. “The innovative ‘First’ spirit of both companies is evident in our names and we shall nurture the Dubai First brand and its portfolio while utilising the synergies to grow the business and provide excellent consumer advice, products, opportunities and benefits. As ever we remain committed to supporting all our consumers and stakeholders goals through our strong financial product capabilities,” said André Sayegh, CEO of FGB.