Abu Dhabi’s First Gulf Bank has completed the formalities of its acquisition of Dubai First.
This, the bank said in a statement, is in line with FGB’s expansion strategy of developing existing businesses and offering more value to an expanding UAE customer base.
Since its establishment in 2007, Dubai First has increased its market share in the cards business.
On the completion of the deal, Andre Sayegh, CEO of First Gulf Bank, said, “Dubai First offers great synergy with the FGB business. It supports our customer-centric strategy and will create an integrated platform for developing exciting, new products in the future.”
Hana Al Rostamani will lead the newly constituted Board of Directors as Chairman of the Company.
Rostamani added, “We are committed to meeting our consumers and stakeholders goals through our strong financial product offering. As such, we will ensure that Dubai First customers retain their overall experience in addition to the relationship and network benefits of FGB’s operation. They will continue to enjoy all the benefits of their Dubai First cards and can look forward to an improved and wider product choice in the future, both nationally and internationally.”