First Gulf Bank (FGB) has announced that it has signed an agreement to acquire Dubai First, the consumer financial services business, from Dubai Financial Group LLC for Dh601 million in cash.
Dubai First, established in 2007, is a leading finance company specialising in liability and credit card products. Dubai First has a UAE credit card market share of 4.5% and operates out of its Dubai headquarters with branches and sales offices in Abu Dhabi and Sharjah. The company has 464 employees.
This acquisition complements FGB's strategy of offering more value to an expanding UAE customer base.
First Gulf Bank, currently holding the "Best Bank in The UAE" title from both 'Euromoney' and 'The Banker Middle East' as well as being voted EMEA Finance's "Best Local Bank", is one of the largest full service banks in the country, with a portfolio in its Consumer business alone of over Dh40 billion. First Gulf Bank will ensure that Dubai First customers retain their existing benefits and branded products, yet enjoy additional privileges plus the product, relationship and network benefits of FGB's operation.
As at the dates of the latest audited accounts, the aggregate gross assets of Dubai First amounted to approximately Dh700 million.