"Deem Finance has built a strong product portfolio and has the technological foundation required to launch innovative financial products and services," said Ahmed Khizer Khan, the CEO of Daman Investments. Image Credit: supplied

Dubai: Gargash Group 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.

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

- Shehab M. Gargash, Managing Director & Group CEO of Gargash Group
Deem Finance is a leading financial services institution in the UAE, offering credit cards, personal loans and wholesale deposit products to UAE corporate clients.