First Gulf Bank
 |
|
| Public | |
| Traded as | ADX: FGB |
| Industry | Financial Services |
| Founded | 1979 |
| Headquarters | Abu Dhabi, UAE |
| Products |
Wholesale banking Consumer Banking Treasury and investments |
|
Number of employees
|
2,000 |
| Website | http://www.fgb.ae/ |
FGB (formerly known as First Gulf Bank) is currently the third largest bank by assets in the United Arab Emirates (UAE). Established in 1979, FGB is headquartered in the emirate of Abu Dhabi.
FGB offers a wide range of financial services in the wholesale, consumer and treasury banking sectors, including Islamic banking and bancassurance solutions for businesses and consumers via a network of branches across the UAE. Internationally, FGB has a branch in Singapore - that includes global wealth management services and a branch in Qatar, representative offices in London, India, Hong Kong and Seoul, South Korea, and a subsidiary in Libya.
In 2013, the bank restructured its business into three divisions: the Wholesale Banking Group, the Consumer Banking Group and the Treasury & Global Markets Group. In the same year, FGB also announced that it had acquired full ownership of Shariah-compliant finance company Aseel Islamic Finance and consumer finance firm Dubai First.
In December 2016, shareholders approved the bank's plans to merge with the National Bank of Abu Dhabi (NBAD) and both banks finalised the second-tier management by February 2017. The plan to merge the banks, which was first announced in June this year, will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold. The merged entity will continue to be known as NBAD and will be the largest bank in Middle East and North Africa.
FGB has Shareholder Equity of AED 34.1 billion as of December 31, 2014, making it one of the largest equity based banks in the UAE.
FGB reported a total net profit of AED 5.66 billion in 2014, which represents an 18% increase when compared with AED 4.77 billion achieved in 2013. 2014 also marked the 15th consecutive year of uninterrupted net profit growth for the bank.
The bank’s consistent performance led to a Financial Strength Rating of 'A+' from Capital Intelligence in 2014. In 2013, RAM Ratings provided the bank with an AAA grade, and FGB’s Long Term Rating was affirmed at A+ by Fitch.
Forbes Middle East ranked FGB as the 8th most powerful company and 4th leading bank in its 2014 ‘Top 500 companies in the Arab World’ list. FGB was also named the ‘Best Bank in the United Arab Emirates’ and ‘Best Wealth Management Firm’ at the Banker Middle East Industry Awards 2014.
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