First Gulf Bank teams up with Libya to launch first joint lender

Dubai: Abu Dhabi-based lender First Gulf Bank (FGB) and Libya's Economic and Social Development Fund (ESDF) have launched First Gulf Libyan Bank (FGLB) operations in Tripoli, Libya.

The inauguration was held under the patronage of the Libyan Prime Minister, Al Bughdadi Al Mahmoudi, and was attended Abdul Hafeez Al Zletni, the Deputy of GPCO Minister; Hamed Arabi Al Houderi, General Manager of ESDF and Chairman of FGLB; Abdul Hamid Saeed, Managing Director of FGB and Vice Chairman of FGLB; Ahmad Al Sayegh, FGB Board Member, and Andre Sayegh, CEO of FGB. In addition were government officials, VIPs, dignitaries and leading businessmen from across the region.

Ahmad Al Sayegh, FGB board member, said, "The Libyan economy is seeing tremendous growth in all sectors and enjoying diversified sources of income. At First Gulf Bank, we are pleased to partner with the Economic and Social Development Fund of Libya and open First Gulf Libyan Bank.

National similarities

"There are many similarities between Libya and the UAE, as both countries have ongoing major development projects in various fields and sectors, and they both enjoy strong economy," he added. "We are pleased to be a part of Libya's economic development which will benefit the business ties between the two countries."

Equally owned by ESDF and FGB and fully managed by FGB, FGLB will initially offer a range of corporate products to businesses in Libya. FGLB will expand its range of services to address the emerging needs of the country.

"FGB's entry into Libya's banking sector fits well with FGB's strategic blueprint for our international expansion," said Abdul Hamid Saeed, managing director FGB and vice-chairman of FGLB.

"This investment underscores our commitment to have a geographically diversified presence, participating in emerging economies with high growth momentum. Our first North African joint venture brings banking expertise, world-class products and services, risk management capabilities, FGB's unique culture and state of the art technology."