ABU DHABI: Andre Sayegh, chief executive officer of First Gulf Bank, said financial crises can be overcome if the fundamentals are strong.
“Volatility will happen any time, any day. There will always be setbacks. The world is now open. If the fundamentals are strong, it will just pass by,” said Sayegh reacting to the last week’s volatility in the market.
He said that the UAE economy is strong. “It is a matter of resilience. It has strong fundamentals to grow.”
The bank, which is the largest lender by market capitalisation in the UAE, plans to make a benchmark foreign currency bond issue in the next 12 months.
“There will be a bond issuance in the coming 12 months. It is for balance sheet management.”
He said FGB aimed to open a representative office in China in a year’s time.
According to him, the strategy of the bank has been to build specialisation, create synergy between different specialised areas and to offer services and products in a speed and efficient way.
He said that there is nothing concrete on the acquisition front and the bank is adopting cautious approach in terms of acquiring and investing. “Our focus is on our core business.”
He said values are important for corporations to succeed. “Without values, a corporation cannot operate. Responsibility, adoptability, enterprising nature and collaboration strategies are important,” said Sayegh while addressing the gathering at Insead global business leaders conference in Abu Dhabi on Monday.
